Ripple Announces Profiting While Other Crypto Companies Are Suffering

Ripple recorded a positive increase in the second quarter of 2022. (Ripple)

JAKARTA – Cross-border payments and blockchain solutions company Ripple announced increased revenue and a number of strategic corporate partnerships during the second quarter of this year. Ripple has succeeded in strategically establishing and expanding the use of On-Demand Liquidity (ODL).

It didn't stop there, Ripple also managed to sell the cryptocurrency XRP worth 408.9 million US dollars (around IDR 6 trillion). This sale is an increase compared to the first quarter of 2022 which only managed to sell XRP worth 273.27 US dollars (equivalent to IDR 4 trillion).

This is a positive achievement achieved by Ripple during the crypto market was shaken during the bear market. As is known, in recent months a number of companies in the cryptocurrency industry have experienced uncertainty. Even a number of crypto trades have had to cut employees like Gemini, Coinbase, Crypto.com, ByBit, and others.

The collapse of Terra Luna marked the ongoing bear market in the last few months. A number of related companies such as Three Arrows Capital went bankrupt. On the other hand, crypto lending companies like Voyager, Celsius, and BlockFi are collapsing.

Despite the volatile crypto market and its impact on the crypto industry, Ripple's performance in the second quarter of 2022 was fairly successful. In May, Ripple successfully entered into a partnership with the leading Lithuanian company, FINCI. The collaboration is aimed at providing retail remittances and business-to-business (B2B) settlements through On-Demand Liquidity (ODL).

A few weeks ago, the company led by Brad Garlinghouse also struck a deal with Singapore-based fintech company FOMO Pay, which will leverage Ripple's ODL technology for fast and low-cost cross-border payments in two of the leading fiat currencies: the dollar (USD) and euros (EUR).

However, the company's problems with the US Securities and Exchange Commission (SEC) are still ongoing. The dispute at the court has been taking place for more than a year, starting at the end of 2020. However, Ripple officials are optimistic that it has a solid reason to win: facts.