Ripple Reports Record Transactions in 2020, XRP Consolidates

Nearly 3 million transactions were processed over RippleNet in 2020.

Ripple, a San Francisco-based blockchain services provider, announced that the company had a record-breaking 2020 with significant growth in RippleNet transactions. The technology firm also reported the signing of 15 new RippleNet customers to close out 2020 despite the SEC’s lawsuit.

According to an official announcement by Ripple’s CEO, Brad Garlinghouse, RippleX now reaches more than 12 million users around the world through XRP Ledger (XRPL), Interledger Protocol and Ripple’s partners.

Garlinghouse pointed out that the company has been fortunate enough to hire in every quarter of 2020 to expand its global footprints with the addition of top talent to Ripple’s leadership team. Additionally, he mentioned the growing interest of global customers and developers for RippleNet and RippleX.

“By the numbers, RippleNet had a banner year. In 2020, we processed nearly 3 million transactions over RippleNet, this is nearly 5X volume growth compared to 2019. On-Demand Liquidity continues to grow and scale, we experienced 12x year over year growth, and transactions in 2020 had a notional value of $2.4B. Customer interest globally remains very strong, the team continued to close new customer deals at a rate of 2 per week, across more than 40 countries, 18 of which are new to RippleNet,” the official announcement states.

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Ripple’s New Partnerships

Despite all the challenges in recent weeks, Ripple announced new partnerships earlier this month with Mobile Money, a Malaysia-based mobile wallet company, and Mutual Trust Bank. 2020 has been the best year for the company in terms of new deals due to record customer demand and transaction growth.

“An increasing demand for digital financial services and payments interoperability in the Asia Pacific (APAC) is further propelling the adoption of RippleNet amongst the region’s many SMEs, fintech and PSPs. As such, it remains our busiest market for both customer demand and transaction growth, the number of deals signed in 2020 were up 80% year over year and there was a 1,700% growth in transactions,” the company mentioned in the announcement.

XRP is currently trading near $0.27 after losing nearly 4% of its value in the last 24 hours.

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