In this first Ripple Drop for 2021, we examine RippleNet’s ability to transform businesses, how RippleX contributes to the XRPL community, and the latest on US crypto rules.
Digital acceleration in pandemics is driving RippleNet’s growth
Asheesh Birla, General Manager of RippleNet, stopped by to share about RippleNet’s global growth over the past year. In 2020 alone, more than three million transactions were processed through the network, with Southeast Asia leading the way. He says 2021 is already off to a rapid start, especially in the Middle East and Latin America.
Asheesh attributes much of this explosive growth to the acceleration of digital transformation due to the pandemic. Over the past year, RippleNet’s On-Demand Liquidity (ODL) service has helped many customers navigate a COVID money crisis and enable others to grow and transform their businesses.
Due to customer demand, he sees an enormous opportunity for RippleNet to offer credit lines and give CFOs and treasury teams the opportunity to move money immediately around the world 365/24/7 via ODL.
“The digital acceleration caused by COVID will only continue in a post-COVID world, and RippleNet will be the technology to help you expand even further,” says Asheesh.
Empower developers to build the Internet of Value
Monica Long, general manager of RippleX, explains why she is so excited about the team’s advances, which are inspiring and empowering the global community of XRP developers to build the Internet of Value.
According to Monica, the focus for 2021 is to work with the broader XRPL developer community to create a fantastic building experience for developers, and to support developers with new programs, demonstrate real-world use cases for XRPL, and introduce key infrastructure elements that encourage liquidity and help developers Bring ideas to life.
She also highlights a number of exciting new community projects using the ledger, including an unguarded wallet, an XRP toolkit, and an NFT art gallery.
“NFTs are obviously a very big thing in cryptography, and I think there are many opportunities for developers to delve into NFT use cases on XRPL,” says Monica.
The lack of a framework for crypto regulations in the USA stifles innovation
Stuart Alderoty, Ripple’s General Counsel, returns to provide an update on US crypto regulation. He is concerned that America’s regulation through enforcement strategy is already driving innovators into countries like Japan, Singapore, the UK and Switzerland that have put in place a clear regulatory framework for crypto.
Stuart suggests that by issuing lawsuits instead of structure and transparent rules, the US creates uncertainty that harms markets and consumers while hindering the pursuit of innovative new approaches to cross-border payments, financial inclusion and more.
He compares it to driving on the autobahn without knowing the rules. Posted speed limits and clear directions allow everyone to travel freely without fear of arbitrary enforcement.
Stuart argues that America would benefit from the clarity of the regulations: “What we are talking about when we talk about blockchain and crypto is innovation – a new infrastructure that can improve people’s lives.”
For more information on new use cases for ODL, Monica’s plans to support XRPL developers, or how the US can keep crypto innovation, check out the latest episode of The Ripple Drop.