Blockchain-based global money transfer-focused company Ripple is listed among the top 50 world changing businesses in CNBC Disruptor 50 list for year 2020. Ripple took the 28th spot on the list as “a crypto answer to money transfer.”
On Tuesday, June 16, CNBC published its eighth annual Disruptor 50 list that identifies private companies influencing business and market competition at an accelerated pace. According to CNBC, the companies making 2020 disruptor list are at the “epicentre of a world changing in previously unimaginable ways, turning ideas in cybersecurity, education, health IT, logistics/delivery, fintech and agriculture into a new wave of billion-dollar businesses.”
According to CNBC, 1,355 nominated companies were evaluated not only the basis of their innovative technologies, but also their performance during the COVID-19 pandemic. Ripple is among blockchain-focused fintech companies that that has proved itself during the recent global crises. Other crypto friendly financial firm includes SoFi and Robinhood.
This crypto payments pioneer saw a strong Q1 2020 as RippleNet usage grew rapidly. Ripple CEO Brad Garlinghouse, at Ripple’s Q1 2020 virtual All-Hands meeting said that Ripple experienced about an 85% increase in volume across RippleNet between Q4 2019 and Q1 2020.
Behind this achievement, Ripple’s global payment network RippleNet and its On-Demand Liquidity (ODL) services are the main contributing factors. RippleNet is primarily focuses on real-time cost effective cross-border payments. During the recent COVID-19 pandemic, sending money requires a more robust infrastructure and Ripple came up with a solution.
In 2018 at Ripple’s annual conference Swell, the company announced On-Demand Liquidity (ODL), which leverages the digital asset XRP as a bridge currency to eliminate the need for pre-funding in cross border payments.
Since the launch of ODL, Ripple has seen tremendous growth. ODL first launched offering payment corridors in Mexico and the Philippines. Now RippleNet ODL service is serving cross-borders payments in Australia, Asia, and Brazil.
At present, more than 300 companies are transacting on RippleNet. As Crypto Economy reported, in June 2019, one of the world’s largest money transfer company MoneyGram announced partnership with Ripple to provide on-demand liquidity to its customers.
Now a number of financial institutions and money transfer business are using RippleNet to facilitate cross-border payments. Sone big names include Nasdaq-listed International Money Express, Thailand’s Siam Commercial Bank (SCB), Malaysian cross-border service Money Match, London-based European digital money transfer company Azimo, Faysal Bank in Pakistan, Qatar National Bank in Qatar, bKash in Bangladesh, and Finastra in the UK.
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