Ripple to Sell $169.42M Worth XRP in Q1 2019

It's 31% more than in Q4 2018, when company was able to sell less than $130M worth XRP
25 April 2019   1298

Ripple published a financial report for the first quarter of 2019, indicating that during this period it managed to gain $ 169.42 million from the sale of XRP cryptocurrency. The value increased by 31% compared with the fourth quarter 2018, when XRP was implemented at $ 129.03 million.

Direct institutional sales brought the company $ 61.93 million compared to $ 40.15 million in the previous quarter. The indicator of “programmable sales”, that is, sales carried out with the help of intermediaries, also increased and amounted to $ 107.49 million against $ 88.88 million.

XRP Sales Table, Q4 2018 | Q1 2019
XRP Sales Table, Q4 2018 | Q1 2019

Total XRP trading declined by about 2% to $ 53.85 billion in the first quarter of this year, against $ 54.82 billion in the fourth quarter of the previous year.

For comparison, for the same period last year, Ripple managed to sell XRP for $ 167.7 million, that is, a change in the indicator was about 1%.

In the first quarter, Ripple released 3 billion XRP from its escrow wallets. At the same time, 2.3 billion XRP were returned and entered into new escrow contracts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” explains the company.

In the middle of the month, it became aware of the decision of the Japanese bank Resona to withdraw from the MoneyTap payment project being developed by Ripple.

DeeMoney to Join RippleNet

RippleNet consists over 300 companies around the world, that can perform almost instant exchanges thanks to this network
19 March 2020   274

Thai fintech company DeeMoney became the first non-state company in the country to use RippleNet technology for fast international payments.

More than 300 financial institutions around the world are already members of the RippleNet payment network. The exchange of payments between these organizations occurs almost instantly.

Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.

 

Aswin Phlaphongphanich

CEO, DeeMoney

According to Marcus Treacher, senior vice president of customer service at Ripple, there is a real revolution in Thailand's banking industry.

By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. 

 

Marcus Treacher

SVP of Customer Success, Ripple

Currently, DeeMoney is already accepting payments in Thailand using RippleNet, and when the second phase of cooperation is launched, the company will be able to send funds abroad using the blockchain system.