TL;DR Breakdown
- Ripple recorded huge growth in transactions despite its case with the US regulator.
- The company added more workforce as they prepare to achieve more records in 2021.
Ripple, the blockchain payment company behind XRP cryptocurrencies, has reported a stellar performance in 2020, despite the charges brought against them by the United States Securities and Exchange Commission (SEC). Its blockchain payment network, RippleNet, processed five times more transactions in the past year compared to the year before. The company also noted a tremendous growth in its ODL, as well as new employees.
RippleNet processed 5x transactions in 2020
According to the company’s press statement on Monday, RippleNet processed almost three million transactions last year. This is about five times more than the transaction volume it processed the year before. The exact value of the transactions processed by the company wasn’t mentioned; however, its On-Demand Liquidity alone netted a notional value of $2.4 billion in 2020 transactions. This represents a 12-times increase with the ODL on a year-over-year count.
Brad Garlinghouse tweeted that there was an increase in the company’s workforce in the past year. According to him, more than 100 employees were added to the company’s team, in addition to other leadership members. Some of the new team members worked at popular companies like Apple, PayPal, etc. This comes as part of the efforts to expand their global footprint and RippleNet services this year whilst working towards the ultimate vision of building an Internet of Value.
The US lawsuit against Ripple
Ripple was charged on December 22 by the United States SEC, who asserted that the cryptocurrency “XRP” is security and was issued without registration with the regulator. The development sparked a lot of concerns that dispirited many XRP holders to dump their coins. Likewise, many crypto exchanges also delisted the coin, including Coinbase. All these actions affected the market performance of the cryptocurrency, which has dropped from the third to the fifth-largest digital currency in recent times.
