Crypto payment infrastructure provider Ripple revealed in it Second quarter earnings report On July 28th, we found a significant increase in demand for the associated XRP token.
ripple keeps growing
Ripple has made great strides in increasing the availability of its XRP ledger and on-demand liquidity (ODL) services.
The US-based crypto fintech firm notes that year-to-date (YTD) volumes related to ODL modules have grown 9x year-on-year, largely thanks to various partnerships the company has recently entered into. For example, Ripple signed a multi-year contract We have partnered with Lithuanian remittance provider FINCI with the goal of providing instant and cost-effective retail remittances within Eastern Europe.
The growth of Ripple’s ODL module also saw a 50% increase in sales of the cryptocurrency XRP associated with the platform. The company sold about $409 million worth of XRP in the second quarter, adding to the $273.3 million it held in the previous quarter.
That said, trading volume has fallen 22% quarter-over-quarter to an average daily trading volume of $862.6 million, compared to $1.1 billion for this metric previously. The authors of the report said:
“XRP price and volume have declined due to broader macroeconomic cues and idiosyncratic developments affecting the cryptocurrency market in recent times.”
Ripple commits $100 million to carbon markets
Ripple recently said it would devoted $100 million to accelerate global carbon removal activities by investing in climate-focused fintech companies and other companies related to this space.
The funds will also be used to support the development of new features and tools that enable the tokenization of carbon credits as core NFTs in the XRP Ledger.
Finally, in Q2 2022, the Ripple Foundation awarded $3 million worth of funding to 36 winners as part of the XRPL Grants program.