Ripple Partners sees a 1,700% increase in volume usage of cross-border payment solutions with $XRP

Ripple partner Tranglo has reported impressive performance in its service metrics from 2021 to 2023, recording a net increase in usage of the $XRP-based On-Demand Liquidity (ODL) solution.

According to Singaporean news outlet The Edge, Tranglo’s net ODL transaction volume rose from a modest $53 million in 2021 to a whopping $970 million the following year, an increase of 1,700%.

This robust growth has boosted small and medium-sized businesses both locally and internationally. Tranglo CEO Jacky Lee was quoted as saying the use of ODL opens up new cash flow opportunities for small businesses.

For example, cash flow is one of the biggest challenges for SMEs as they expand rapidly. To solve this problem, we are partnering with Ripple, the leading provider of enterprise blockchain and crypto solutions, to extend credit facilities through its On-Demand Liquidity (ODL) service. This helps our partners free up working capital and grow.

In 2022 alone, Tranglo’s remittances totaled over $3.3 billion and in the first half of the year, the company recorded over $2 billion in ODL transactions. The company boasts that 80% of these transactions were completed in real time with zero latency, with Tranglo’s cross-border payment technology recording 99.982% uptime.

It’s worth noting that ODL is part of Ripple’s RippleNet offering, which includes “connections to hundreds of financial institutions around the world via a single API” to make money transfers “faster, cheaper and more reliable.” The ODL solution uses the $XRP token to “provide liquidity in cross-border transactions, as an alternative to traditional systems.”

It is unclear how much of the processed volume was influenced by the cryptocurrency, which currently has a market cap of $27 billion, according to CryptoCompare data.

However, there have been new developments on the XRP Ledger and transaction throughput could soon increase from around 1,500 transactions per second to an impressive 3,400 transactions per second (TPS), supported by upgrades that are set to roll out soon.

As CryptoGlobe reported, XRP token holders could soon be able to earn on-chain income following the introduction of the highly anticipated XLS-30d amendment, which brings an integrated automated market maker (AMM) trading platform onto the blockchain should introduce general ledger.

An AMM is a platform that enables permissionless trading of cryptocurrencies using liquidity pools instead of traditional order books. Liquidity pools are shared pools of two or more user-supplied tokens used for trades. The prices of tokens within the pool are determined using blockchain oracles.

Investors who add tokens to liquidity pools receive a share of the fees charged on each trade, but the earnings come with the risk of temporary loss.

Featured image via Pixabay.

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