BTC Markets CEO Says the Use of XRP for Cross-Border Payments is Increasing
More firms are now using Ripple and XRP to send money across borders. This information was revealed by Ripple’s team on May 7, 2020.
According to the team, BTC Markets added XRP to its exchange in 2018. Since then, the cryptocurrency asset has been able to bring more sustainable growth for the biggest exchange in Australia, being a source of liquidity for faster and cheaper cross-border payments.
Towards the end of 2019, the exchange became a partner with Ripple and applied for Ripple’s cryptocurrency-based remittance platform ODL, which helps to facilitate cross-border transactions using XRP.
While speaking, the CEO of BTC Markets, Caroline Bowler, noted that the partnership with Ripple was able to bring forth a fresh source of trading volume on its exchange, influenced by businesses.
“People were very excited and enthusiastic about what blockchain technology could do, but very quickly the perception became that these assets weren’t solving any real-world problems or offering any intrinsic value.”
She noted that firms are utilizing XRP for further effective cross-border payments. Hence, this makes its usage different from other cryptocurrency assets. The assets help them reduce transaction fees and make same-day payments, offering real benefits and fixing the challenges posed by the existing system.
She continued that the asset links traditional financial entities with the new fintech space. Regarding ODL, she said it is quite amazing that BTC markets is having more trading volumes because businesses utilize it for faster and cheaper cross-border payments, thereby driving volume and breeding its uniqueness in the cryptocurrency markets.
“People are looking for alternatives to the status quo. As a bridge between the two worlds of traditional finance and innovative technology, XRP has a big role to play,”
In recent times, the Mexico-based crypto exchange and Ripple partner Bitso recently noted that it transferred $179 million in remittances powered by XRP from April 2019 to April 2020.