- Brad Garlinghouse revealed strong Ripple usage growth in Q1 2020 compared to the prior quarter.
- Ripple’s ODL service specifically saw soaring numbers.
In a Q1 2020 virtual all-hands meeting, Ripple CEO Brad Garlinghouse talked about platform growth amid the pandemic. Despite the pandemic, Ripple posted a strong first quarter.
We saw about an 85% increase in volume across RippleNet between Q4 and Q1, that’s obviously really really good.Brad Garlinghouse Ripple Q1 2020 Virtual All-Hands Meeting
Garlinghouse has also noted that Ripple will continue to hire amid the pandemic. The company previously projected to end this year with approximately 575 employees. However, the company now plans to end the year with about 515 employees.
Garlinghouse also talked about the company’s On-Demand liquidity (ODL) service. ODL allows institutions to source liquidity using XRP. According to Ripple, ODL takes only three seconds to settle and can net up to 40-60% cost savings. More importantly, Ripple’s ODL service operates 24/7 during off-hours and holidays, providing a unique value proposition.
Specific to our On-Demand Liquidity, there’s a 190% increase from Q4 to Q1. So we saw some of our big customers, a player in Thailand, go live. That’s driving a lot of volume. We had forecasted 20 new contracts, and we ended up signing 28 new production contracts in the quarter. So despite the dynamics of the pandemic, we were able to finish the quarter on a strong note.Brad Garlinghouse Ripple Q1 2020 Virtual All-Hands Meeting
In addition to the ODL volume, the company also signed eight more production contracts than previously anticipated.
Ripple’s ODL services have seen a recent surge in usage. Many existing ODL corridors have seen a recent surge in volume. As reported by The Crypto Associate, BTCMarkets, an ODL partner in Australia, has seen a rise in ODL interest this year. Furthermore, Ripple plans to open new ODL corridors this year as well as increase volume in existing corridors.
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