Cryptocurrencies facing market fluctuations are a norm, but Ripple is redefining the benchmarks for the entire industry. Crypto is experiencing exponential market growth despite its continued skirmish against the SEC.
While XRP faced a downward spiral the previous year, it is back on its feet and even taking on new ventures with governments. SBI Ripple Asia recently announced that it has helped Cambodia launch its first real currency money transfer business with DLT (Distributed Ledger Technology).
The news follows an update provided by Asheesh Birla (Managing Director of RippleNet), highlighting Ripple’s global growth. The currency is ranked 7th in the market with a value of $ 1.60. The statistics are exceptional considering the end of Ripple the previous year.
However, 2020 hasn’t been that bad for crypto. As Asheesh mentioned, Ripple has generated over 3 million transactions on the network. Southeast Asia led in 2020, while 2021 saw Latin America and the Middle East come out on top.
The reason for the acceleration of growth is considered to be the epidemic. Ripple’s liquidity on demand (ODL) has helped consumers survive the cash crunch while growing their business. The service remains active all day throughout the year, and Asheesh says it will continue to thrive this year as well.
As the healthcare epidemic continues to push businesses, RippleNet will showcase the technology required to overcome the hurdles. Showing such perseverance, the experts XRP Price Prediction claiming the crypto will end 2021 at $ 2.30 seems achievable.
How can the United States keep its crypto innovation?
The latest crypto regulations imposed in the United States are troubling Stuart Alderoty (Ripple’s general counsel). According to Stuart, the new regulatory strategy will create uncertainty among crypto users.
What America needs is regulatory clarity, not restrictions, says Stuart. Regulations are already pushing investors to look to other countries. He believes developing an ecosystem where crypto and blockchain can innovate will improve living standards. It will improve financial inclusion, cross-border payments and much more.
Cambodia launches first overseas money transfer business using DLT
Ripple also made headlines after helping Cambodia launch an overseas money transfer service using its first DLT (Distributed Ledger Technology). SBI Ripple Asia is known to provide payment frameworks in Asia using RippleNet.
Demonstration tests accumulated at ABI LY Hour Bank resulted in the approval of the Central Bank of Cambodia. This allows SMI Ripple Asia to gain a market advantage on Vietnamese soil.
Yoshitaka Kitao (head of SBI group) said the company will follow the synergy to the maximum. They will provide the latest technology like DLT in Asia, as the region promises significant economic development. They aim to lead the financial industry with these technologies, and the development of money transfer services with digital assets is the first stepping stone for this.
Ripple Asia also facilitates Ripple in the United States to establish a user base. By providing marketing support campaigns and establishing financial institutions for consumers, the company is generating buzz about RippleNet.
Ripple once again belied the consensus by staying at $ 1.60 and maintaining its prestige in the market. Despite unfavorable scenarios, Ripple recently announced that 2020 is a flawless year for crypto, and 2021 will follow the trend. Seeing how SBI Ripple Asia has made a significant contribution to Cambodia and its ties to the United States, Ripple is expected to maintain its position in the market.