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.