ODL transaction volume explodes and increases 11 times By 0
Source: Visual Generation – Shutterstock Ripple’s new quarterly report shows that the ODL transaction volume has increased 11 times compared to the first quarter of 2020.In the second quarter, Ripple increased institutional sales of XRP from $1.75 million (Q1) to $32.55 million.
In 2017, Ripple had committed to transfer most of the available supply, a total of 55 billion XRP, to an escrow account and to freeze the capital for the long term and sell a maximum of one billion XRP per month.On the first day of each month, Ripple will release exactly one billion XRP for sale to major capital providers and institutional investors.The quarterly report published a few hours ago describes that sales of XRP have increased strongly.XRP sales increased strongly
Compared to the first quarter of 2020, revenues from the direct sale of XRP to institutional investors increased from $1.75 million to $32.55 million.The programmatic sale of XRP was discontinued in the third quarter of 2020 and will remain so.
The following table shows the current revenue development in the respective areas.Sales Summary (dollars in millions) Q1 2020 1.75 32.55
The report further states that the average daily transaction volume moved with XRP has decreased from $322.66 million in Q1 to $196.28 in Q2 2020.
This corresponds to a volume decrease of almost 39%.This decrease is partly due to the ongoing Corona Pandemic and its direct impact on the global remittance market.Global XRP volume ADV XRP (dollars in millions)** 322.66 Total XRP volume (dollars in billions) 29.68 Total sales as % of total volume 0.006%* 0.18%* ODL transaction volume increased strongly
The On-Demand Liquidity (ODL) payment solution provided by Ripple, formerly known as xRapid, has seen strong growth in the second quarter of 2020.The transaction volume processed via ODL has increased 11-fold compared to the first quarter.Furthermore, the share of ODL in the total transaction volume of all payments processed by RippleNet has increased to 20%.
As we have already reported, Ripple will focus the future on micro transactions in order to promote small and medium-sized companies.To this end, Ripple has entered into a partnership with the payment services company CurrencyCloud.
The use of ODL eliminates the need for nostro accounts for pre-financing, as XRP is used as a bridge currency and the fiat money used is immediately converted on a daily basis, eliminating exchange rate fluctuations.
Ripple gained numerous new partners in the second quarter.These include the first fully regulated crypto-bank Sygnum Bank.The bank has added XRP to its portfolio and custody services.Furthermore, Zero Hash has also added XRP to its platform, enabling companies to enter the US market quickly and easily.
Furthermore, Swiss Blockchain, one of the largest telecommunications providers in Europe, has implemented XRP on its DAPPI platform.This allows companies from different industries to access the XRP ledger through one interface and to realize different use cases.Furthermore, the Mobile Payments startup Uphold has integrated XRP into their wallet .
The price of XRP has developed positively in the last 30 days with a 70% increase to $0.31.XRP’s market capitalization has risen to $13.96 billion, pushing Tether from fourth place among the world’s largest cryptocurrencies .
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