Ripple is now more focused on integrating advanced XRP Ledger features into its business to deliver secure and compliant decentralized finance solutions to customers globally.
David Schwartz, Ripple CTO, confirmed this in a recent post on X following the company’s latest publication. In the report, Ripple stressed its overarching ambition to emerge as the foremost digital asset infrastructure solution provider for the financial services industry.
As you’ll see in our latest blog post, Ripple is focusing on how to integrate more of the XRP Ledger’s technically and financially sophisticated features directly into our business—bringing the benefits of DeFi to our customers globally in a secure and compliant fashion. https://t.co/QLsXe2nlJN
— David “JoelKatz” Schwartz (@JoelKatz) July 19, 2024
Ripple’s report highlighted the demand for digital asset infrastructure in the financial industry. Founded on the belief that blockchain would be the global monetary infrastructure, Ripple has evolved to address the growing demand over ten years.
Initially, the crypto industry lacked the liquidity, trust, regulation, and instruction to enable businesses to integrate blockchain solutions.
To provide some context, when Ripple launched in 2012 targeting institutions, Bitcoin was under $20, Ethereum had not yet been launched, and the cryptocurrency market was relatively small, with only a few exchanges operating and handling a mere few million dollars in annual trading volume.
However, a decade later, the industry has made significant progress. It now sees trillions of dollars in monthly volume. Moreover, crypto ETFs, tokenized funds, and increasing adoption by financial institutions are now present.
Yet, institutions still need trusted digital asset infrastructure to integrate blockchain into their businesses. Ripple is working to address this by assembling the core components enterprises need to incorporate blockchain into their business. These components include custody solution, on/off-ramps, liquidity, and compliance.
XRP Ledger At the Core of Ripple’s Focus
The XRP ledger is at the heart of Ripple’s solutions. The company initially focused on cross-border payments, utilizing XRPL and its native asset, XRP, to facilitate efficient value transfer.
Specifically, XRPL’s low cost, speed, transparency, and scalability make it well-suited to address the limitations of traditional financial systems.
Today, Ripple’s cross-border payments solution boasts near-global coverage. It spans over 80 payout markets, representing over 90% of daily FX markets. In particular, it has processed over $50 billion in volume.
However, Ripple has evolved beyond payments alone. Ripple highlighted in the publication that acquiring Metaco, a digital asset custody tech provider, has positioned it to deliver on its product roadmap globally. Metaco will now be rebranded as Ripple Custody. The company is scaling its team and business and opening a new office in Geneva.
Additionally, Ripple reiterated its plans to launch the Ripple USD (RLUSD) stablecoin on XRPL. RLUSD will be integrated into Ripple Payments to serve growing customer needs in cross-border payments alongside XRP.
XRP Ledger Preferred Chain for institutional DeFi
Furthermore, Ripple highlighted XRPL as the preferred blockchain for institutional DeFi due to its reliability, performance, low costs, and speed.
The firm noted that stablecoins on XRPL are trusted and will enable new DeFi capabilities, use cases, and users. Moreover, Ripple stressed that XRP remains the universal bridge asset. It is particularly beneficial for creating liquidity in regions with high cross-border transaction costs.
Emphatically, XRPL underpins Ripple’s products due to its efficiency and scalability. The blockchain has processed over 2.8 billion transactions without failure or breach.
Besides, XRPL’s built-in DEX and advanced features like auto-bridging and pathfinding enable secure and compliant DeFi applications.
In parallel, Ripple and other projects, including Archax, Sologenic, Orchestra Finance, Zoniqx, and CredeFi, are building on XRPL. They aim to bring modern financial tools to traditional finance, leveraging the blockchain.
Ultimately, Ripple envisions integrating more of the XRP Ledger’s advanced features into its business, thereby bringing the benefits of decentralized finance to customers worldwide in a secure and compliant manner.
