Cryptocurrency payments company Ripple Labs continues to defiantly beat the odds as it seeks to beat the SEC case and reestablish itself in the crypto space.
The company has established new relationships in France and Sweden, advancing farther into Europe despite the current stagnation that has engulfed much of the cryptocurrency market.
$15 Billion Per annum On Ripple’s Network
Ripple inked agreements for its “On-Demand Liquidity” system with Swedish money transfer company Xbaht, which specializes in remittance payments between Sweden and Thailand, and Lemonway, a regulated payments provider for online marketplaces with headquarters in Paris. According to a press statement from the firm, RippleNet, the group of banks and payment processors that have agreed to utilize the blockchain network of Ripple to process international payments, has processed over $15 billion in payments annually.
Ripple Growing In A Struggling Industry
While the majority of cryptocurrency businesses are fighting to survive, Sendi Young, the company’s managing director for the UK and Europe, claims that Ripple is in good shape and plans to hire more than 300 people this year. The custody platform GK8 is one of the assets that Ripple is circling in the ongoing Celsius Network bankruptcy auction.
Young expressed regret that so many businesses in the space were struggling while also taking stock of Ripple’s rapid growth and sound funding model.
“It’s not pleasant to see other companies in a tough situation in this market environment, but we do find ourselves growing fast, and also we are well funded,” said Young in an interview. “We are opportunistically looking at some strategic investment opportunities.”
Payments encompass a wide range of diverse domains, including cross-border, domestic, and retail payments, said Young, while being only one aspect of the financial system. She said that reliance on a single crypto solution can be necessary for a particular use case.
Cryptocurrencies And Stablecoins For the Future
According to Young, many cryptocurrencies, as well as some digital assets issued by central banks, possibly some stablecoins, and everything in between, will be widely used in the future. She also foresees different use cases for various cryptos. “These different ways of carrying value will become interchangeable and there will be different use cases for all of these.”
Ripple appears to be braving the twin storms of Its case with the SEC and the current crypto bear market. The Ripple case is drawing to a close and that might confirm yet another win for the payments giant.
