RippleNet’s annual transaction volume hits $15 billion

RippleNet’s total annual transaction volume reached a record $15 billion. Ripple attributed this momentum to the growing popularity of the On-Demand Liquidity (ODL) service.

In our Q1 Markets report, we discuss our record #ODL growth, #NFTs on the #XRPL, and big movements within global #regulation and public policy.

Read on for the latest on #crypto markets: https://t.co/YQAbVNK2D8

— Ripple (@Ripple) May 2, 2022

In Q1 2021, the volume of payments via ODL rose by almost eightfold compared with the same period last year. … Customers use the service in several different scenarios, in addition to traditional remittances or individual payments, according to the report.

Ashish Birla, the general manager of RippleNet, noted that half of the clients using ODL had not previously conducted transactions with digital currencies. According to him, improvements integrated by developers contributed to the product’s growth.

Birla added that the Asia-Pacific region is “one of the largest contributors to ODL’s dollar turnover.” In Q1 2022 it accounted for transactions totaling $1 billion.

4/ Global growth remains strong w/ improved product functionality (such as the ability for payments to continue processing even if an ODL exchange partner happens to go down)! APAC is one of the biggest contributors of ODL dollar volume — totaling over $1B in Q1 alone.

— Asheesh Birla (@ashgoblue) May 2, 2022

Earlier, the company announced an incentive program for developers of the XRP Ledger ecosystem, with a value exceeding $794 million.

Earlier, Canada’s leading bank — Canadian Imperial Bank of Commerce — uses the Ripple network for cross-border settlements.