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The adoption of XRP has been on a constant increase as various companies use and see the technology as a solution to the glitches they face in settling crossborder remittance transactions.
Keeping lovers and investors abreast of the progress made by XRP, Silicon Valley-based blockchain firm Ripple has in a recent statement announced that its native token XRP which has been a source of liquidity for faster and economical transactions is helping Australia’s largest exchange, BTC Markets, to achieve more sustainable growth.
“XRP has helped drive more sustainable growth for Australia’s largest exchange”.
Ripple made this known while discussing the achievement BTC Markets has made using XRP to settle transactions.
It will be recalled that the BTC market was founded in 2013, however, after adding XRP to its exchange in the year 2018, it witnessed gigantic growth.
Eulogizing XRP as a distinguished digital asset due to the unique use cases it offers, the CEO of BTC Markets, Caroline Bowler, noted that XRP let companies execute cross-border transactions swiftly and seamlessly.
“XRP has created business-driven trading volume on our exchange.”
Bowler buttressed that XRP has helped people overcome the stress and pain usually experienced while executing cross-border payments.
She noted that the high fees and long duration required for settling transaction has always been a major impediment. XRP is a unique example of an asset with true utility as it proves its value with faster, cheaper cross-border payments, Caroline mentioned.
The CEO mentioned that businesses in Australia are greatly affected by the difficulties they face in settling cross-border transactions when dealing with their counterpart oversea. She however stressed that while people continue to search for an alternative means, XRP salvages all these problems.
“Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech.”
Owing to the challenges businesses face, Caroline said Australia is a potential ground for BTC Markets to thrive.
Commenting on the national blockchain roadmap launched by the Australian Government to challenge issues surrounding transaction, Caroline said traditional institution may need to develop a five-year plan to batter some of the problems like misconduct in banking and Financial Services Industry as explained by the Royal Commission in February 2019.