In 2020, the RippleNet network processed more than 3 million transactions, five times as many as the year before, said Ripple CEO Brad Garlinghouse, calling the year a landmark for the company.
2020 was a banner year for @Ripple, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet txns, grew ODL 12x YoY and signed 15 new customers after the SEC complaint. 1/3 https://t.co/2efIQDojU7
— Brad Garlinghouse (@bgarlinghouse) January 25, 2021
The On-Demand Liquidity (ODL) payment system, in which the XRP token is used as an intermediary currency, posted a 12-fold year-on-year growth. The annual transaction volume was about $2.4 billion.
The head of Ripple noted that demand for the company’s payment solutions remains high — on average, the number of customers grew at a rate of two per week.
“Despite the SEC’s lawsuit filed against Ripple on December 22, we signed 15 new customers and closed 2020 with more of them than ever before,” added Garlinghouse.
The Asia-Pacific region became RippleNet’s primary market. The number of deals signed in the region over the year rose 80% versus the previous year, and the number of transactions increased by 1,700%.
In October Ripple launched a program for Line of Credit lending to businesses using XRP tokens on RippleNet.
At the end of December, the SEC filed a lawsuit against the company, accusing it of selling unregistered securities in the form of XRP. Garlinghouse noted that the company is prepared to engage with the regulator’s new leadership to resolve the legal uncertainty.
Earlier, Ripple’s head expressed confidence that XRP’s designation as a security in the United States would not undermine the company’s business.
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