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Enterprise Adoption of Ripple and XRP for Cross-Border Payments on the Rise, Says Australian Exchange BTC Markets

by Daily Hodl Staff
May 8, 2020
in Ripple and XRP
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An increasing number of companies are now utilizing Ripple and XRP to send money across borders, according to Australia’s leading crypto exchange BTC Markets.

The exchange partnered with Ripple in late 2019, marking the first application for the company’s crypto-based remittance platform ODL, which facilitates cross-border transactions using XRP.

BTC Markets CEO, Caroline Bowler, says the partnership has created a new source of trading volume on its exchange, driven by businesses.

“Companies are using the asset to make more effective cross-border payments. This use case is a real differentiator to other digital assets…

Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech.

The amazing thing about ODL is that businesses using XRP for faster and cheaper cross-border payments are driving volume through our exchange, which is unique in the crypto markets. It fits with our business model seamlessly and gives us a huge competitive advantage.”

Although Ripple does not release data on the exact transaction volume moving through ODL, the Mexico-based crypto exchange and Ripple partner Bitso recently revealed that between April 2019 to April 2020, it transferred $179 million in remittances powered by XRP.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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