Suffice it to say that 2020 has been a challenging, sometimes chaotic and stressful year – I will not try to sum up all the events in the world and I definitely hope that 2021 will soon be a bit calmer and more peaceful.
Despite these challenges, Ripple had a milestone year. We saw increased customer growth and retention in key markets and saw incredible innovation from developers in the XRP community. Our team continues to serve clients and work with industry pioneers who share our vision of enabling the Internet of Value, where money moves just as efficiently as information on the Internet.
While regulatory uncertainty still remains in the US, we have appreciated the support, both publicly and face-to-face, from a broad cross-section of our global community, including customers, partners, shareholders, industry players and global regulators. We finished the year strong and the new administration and SEC leadership are expected to be confirmed in the months ahead. I am well prepared and confident that here at Ripple we have the right team and the right ingredients to make 2021 even more successful than last year.
RippleNet continues to grow and scale
RippleNet customers need solutions that not only save money, but also help them grow and scale their business. We focus on further improving the capabilities of our products and adding new ones that best suit our customers’ needs.
By the numbers, RippleNet had a banner year. In 2020 we processed nearly 3 million transactions via RippleNet – this is almost 5 times the volume growth compared to 2019. On-demand liquidity continues to grow and scale – we recorded 12 times the growth over the previous year, and the Transactions in 2020 had a face value of ~ $ 2.4 billion.
The worldwide customer interest is still very high. The team continued to close new customer deals at the rate of 2 per week in 40+ countries, 18 of which are new to RippleNet. Despite the SEC lawsuit filed against Ripple on December 22nd, we gained 15 new clients to close 2020 with more clients than ever before.
The growing demand for interoperability of digital financial services and payments in the Asia-Pacific region (APAC) is driving the adoption of RippleNet among the many SMBs, fintechs and PSPs in the region. As such, it remains our busiest market for both customer demand and transaction growth – the number of contracts signed in 2020 increased 80% year over year and transactions increased 1,700%. Earlier this month we announced new customers like Mobile Money and Mutual Trust Bank who have partnered with bKash to enable seamless wallet-to-wallet payments.
We also launched Line of Credit – a new beta service that allows ODL customers to instantly raise capital to initiate cross-border payments using XRP. Via RippleNet, customers can easily update or add new services such as ODL and credit line. This makes it easier to access financial solutions that accelerate business performance and scale without incurring the costs of older providers.
RippleX supports growing developer community around XRP
Ripple is just one player in a wider community of companies and developers built on top of the XRP Ledger (XRPL). By providing SDKs, services and tools, RippleX – together with the XRP community – is moving the needle to build trust, value and liquidity in XRP.
Developers rely on XRPL for its performance, low cost, reliability and security, accessibility, and inherently environmentally friendly properties. Last year, the XRP ledger was the first large blockchain in the world to decarbonise it in collaboration with the Energy Web Foundation. Ripple also worked with the XRP Ledger Foundation, a global not-for-profit that drives the development and innovation of the XRPL, to cement XRPL as a leader in sustainability and to deliver new updates that make it the de facto blockchain for crypto-native developers should do.
To continue to drive new innovations in crypto and payments interoperability, we are focused on addressing Central Bank Digital Currencies (CBDCs) as the future of fiat. The key to this will be our ongoing collaboration with central banks and the development of protocols that support the direct exchange of CBDCs via XRPL, using XRP as a bridge currency.
Today, RippleX reaches 12 million users via XRPL and Interledger Protocol and works with more than 40 companies that are committed to the XRP utility, including Coil, Forte, BRD, Bitpay and Flare. We will continue to leverage the 100+ projects currently using XRPL by inspiring developers with world-class applications and features.
I’m looking forward to 2021
Team Ripple is ready to embrace the year – and the opportunities it presents – and has already done so in the first few weeks.
We were fortunate to be able to continue hiring new employees every quarter in 2020. As we expand our global presence, our engineering and product teams have continued to grow to help customers get the best experience possible with RippleNet. We added top talent to our leadership team with strong backgrounds from Apple, PayPal, Amazon, Tesla and Twitter, including Devraj Varadhan (SVP of Engineering), Pete Webb (VP of Platform & Technical Operations), Gap Kim (VP of Marketing) and Stan Wilson (VP of Business Development), Mariel Kelley (VP of People), Vidya Mani (VP of RippleNet Engineering) and Mark Johnson (VP of Sales).
We have welcomed Sandie O’Connor, the former Chief Regulatory Affairs Officer of JPMorgan Chase, to our board of directors for advice on key government relations and regulatory initiatives, while Ripple urges clarity in the US.
While the company – and the crypto industry – are facing turbulent times, one thing remains constant: Ripple is fully dedicated to our vision, the Internet of Value, serving our customers and partners, and pushing for the regulatory clarity that the industry needs.
We are lucky enough to be able to expand the team further this year – come and see us!