In the third quarter of 2020, the fintech company Ripple bought XRP tokens for the first time, worth $45.55 million. The firm said this in a report on XRP market conditions.
According to the statement, Ripple may continue purchases in the future to support ‘healthy markets’. The token purchases made during the quarter were described by the company as a ‘short-term solution’ for the beta version of the Line of Credit service.
Launched in the second quarter, the program gives customers of the On-Demand Liquidity (ODL) payments solution on the RippleNet network the ability to obtain loans in XRP.
In some cases, the digital assets for Line of Credit are delivered to users from the company’s accounts rather than from exchanges, Ripple said. In the long term, the firm is developing solutions to provide XRP liquidity to customers solely from open markets.
The total amount of XRP sales tied to the ODL program by the company for the third quarter stood at $81.39 million. After deducting the repurchased coins, the figure is $35.84 million. This is slightly higher than in the previous period — $32.55 million.
Source: Ripple.
The company noted that, as in previous quarters, no exchange sales were conducted.
Earlier in the second quarter this year, Ripple increased XRP sales — by 18 times compared with the previous period.
Subscribe to ForkLog news on Twitter!