Like most cryptocurrency exchanges, BTC Markets saw a serious surge in growth in 2018 when a surge in initial coin offerings inflated the digital asset market. While that bubble soon burst, 2018 was also the year BTC Markets added XRP to its exchange. As a source of liquidity for faster, cheaper cross-border payments, XRP has helped fuel the more sustainable growth of Australia’s largest exchange.
“XRP has created business-centric trading volume on our exchange,” said Caroline Bowler, CEO of BTC Markets. “Companies are using the asset to make more effective cross-border payments. This use case is a real differentiator to other digital assets. “
BTC Markets was founded in 2013 and has been around for most of the founding years of the digital asset market. While the surge in activity in 2018 was an exciting time for business, Bowler isn’t surprised the market has cooled since then.
“People were very excited and excited about what blockchain technology can do, but the perception that these assets did not solve real problems or offer intrinsic value quickly became apparent.”
XRP proves its worth by making cross-border payments faster and cheaper
Helping people overcome the weaknesses of cross-border payments like high fees and multi-day settlement times, XRP is a unique example of an asset with real utility.
“Most people recognize the problems with cross-border payments,” Bowler added, “especially in Australia, where companies often have to pay suppliers outside the country. Using XRP to lower transaction fees and pay same day has real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech. “
Australia is a particularly promising place for BTC Markets to continue growing. According to a 2018 survey, 13.5% of the population owns digital assets. In response to this interest, the Australian government recently released a national blockchain roadmap. However, the country’s traditional institutions may need more than a five-year plan following the findings of the Royal Commission on Misconduct in the Banking, Pension and Financial Services Industries published in February 2019.
“People are looking for alternatives to the status quo. As a bridge between the two worlds of traditional finance and innovative technology, XRP plays a major role, ”said Bowler.
Facilitate trading with on-demand liquidity
Since the business model is based on building liquidity to make it easier for traders to move funds, BTC Markets is very supportive of the on-demand liquidity (ODL) provided by XRP and the company expects the asset to continue growing sustainably for its business.
“The amazing thing about ODL,” concluded Bowler, “is that companies using XRP for faster, cheaper cross-border payments are increasing volume through our exchange, which is unique in the crypto markets.” It fits seamlessly into our business model and gives us an enormous competitive advantage. “