In times of great uncertainty, nothing is to be taken for granted. The Covid-19 pandemic has proven that things can change very quickly. Large corporations or even whole industries can collapse while entrepreneurs with new innovative ideas have an opportunity to shine. One of the lessons that Covid-19 has reminded us is that humanity needs to and has the ability to adapt. Those that fail to adapt quickly become irrelevant. After the initial shock from the pandemic, companies began adapting and the blockchain space was no exception.

We begin this report by taking a look at all important developments. Please be patient with the loading time, the amount of information is extremely large. If you want to skip to the end (the analysis part), click here. Clicking on each month will open the events that occurred during that month.

Flashback:

January 2:

– Omni, one of the first companies to be funded by Ripple (executives Stefan Thomas – CTO at the time – and Chris Larsen – executive chairman and co-founder – took part) officially ceased operations.

– David Schwartz (Ripple CTO) interview on CTO Connection.

January 3:

– Binance adds EUR trading pairs, XRP/EUR included.

January 7:

– Michelle Bond (Global Head of Government and Regulatory Affairs at Ripple) speaks at the 2020 Digital Money Forum.

January 8:

– Turkish bank Kuveyt Türk Bank revealed to have joined RippleNet.

– Bitkub announced as Ripple’s official exchange partner in Thailand

January 9:

LBank (Ledger Bank), an exchange founded in October 2016 and one of the top 10 on CMC by adjusted volume at the time, announced the addition of XRP on its trading platform.

– Ripple files motion to dismiss patent infringement case by Cooperative Entertainment Inc., a company based in Raleigh, North Carolina (US). The plaintiff claimed that RippleNet infringed on their patent.

January 10:

– XRParcade revealed that Citi, one of the largest banks in the US and the World, experimented with Ripple.

– CryptoSook, a recently launched cryptocurrency exchange based in Estonia, announced the addition of XRP on its platform, with BTC and USDC pairs.

January 15:

– Zakinov v. Ripple Labs: Ripple’s motion to dismiss the lawsuit was taken under submission.

– The Ripple Drop: On the Ground at Swell 2019

January 16:

– Top Remit, an Indonesian money transfer company that was founded in 2009, was revealed to be a Ripple customer.

January 17:

– BiKi, one of the largest exchanges in the world by volume (according to CoinMarketCap), announced the addition of XRP to its FastLoan service.

January 18:

– Banco Topazio, an unannounced Brazilian bank, running a Ripple page.

January 19:

– Navin Gupta (Managing Director of South Asia & MENA, Ripple) interview on Forkast News.

January 20:

– XRParcade reveals that after partnering with Alipay, Tranglo is integrating RippleNet.

– Bac Florida Bank revealed to be working with Ripple since 2019.

January 21:

– Hitmex, a decentralized crypto asset trading platform, opens trading. XRP was one of the assets listed, with BTC, ETH and USDT pairs.

– BitStorage, a cryptocurrency exchange launched in 2018 with headquarters in Seychelles, adds 2 new fiat pairs for XRP: XRP/EUR (Euro) and XRP/UAH (Ukrainian hryvnia).

– Bitpay, the world’s largest provider of Bitcoin and cryptocurrency payment services, announced the launch of XRP payments and cross-border transfers with added support for XRP to the BitPay Wallet app.

January 22:

– Nubi, a startup based in Argentina, that was founded in 2017, is revealed to be working with Ripple.

– Ripple publishes its Q4 2019 XRP Markets Report. Ripple reduced its sales in the quarter and registered an increase in volume (in USD) transacted through ODL. ODL volume increased more than a hundred times between Q1 and Q4, and specifically from Q3 to Q4, by 650%. The number of ODL transactions also increased by 390% from Q3 to Q4, showcasing high customer demand for leveraging digital assets, specifically XRP, in cross-border transactions.

January 23:

– Brad Garlinghouse hints at the possibility of a Ripple IPO during an interview at Davos.

January 25:

– Himalayan Bank, one of the largest private banks in Nepal, revealed to be a Ripple customer.

January 28:

– Refundo, a leading provider of tax-related financial products and services adds XRP, BCH, and ETH as additional cryptocurrency options for receiving tax refunds.

January 29:

– BitUBU, a centralized cryptocurrency exchange based in Turkey, lists XRP wirh Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) pairs.

January 30:

– Daniel Vogel (Bitso CEO) on Unqualified Opinions (Messari): XRP – The Remittance Standard?

January 31:

– SBI Holdings, one of the biggest investors in Ripple and a RippleNet member, announced that it would offer XRP as a benefit to shareholders.

– Smart Valor, a digital asset exchange based in Switzerland, announced the addition of XRP on its trading platform with Bitcoin (BTC) and Swiss franc (CHF) pairs.

February 1:

– Xpring, Ripple’s investment arm, and developer platform, announces the launch of a forum and a community page. These initiatives are part of a new function at Xpring, called developer relations (DevRel for short).

February 4:

– Intermex, a leading money remittance services company focused primarily on the Latin America and Caribbean corridor, partners with Ripple to use RippleNet and ODL.

– Bitazza, a regulated digital asset platform based in Thailand, lists XRP with THB (Thai baht) pair.

February 5:

– Asheesh Birla (SVP of Product at Ripple) and Ginger Baker (Sr. Director of Product), discuss how RippleNet customers are leveraging ODL and the impact on their businesses.

February 6:

– Patent infringement case against Ripple voluntarily dismissed.

February 11:

– Bank Asia Limited, a private sector commercial bank in Bangladesh, announced as a RippleNet member.

– The National Bank of Egypt, one of the largest banks in Egypt, joins RippleNet.

– Navin Gupta at Milken Institute MEA Summit 2020.

– Asheesh Birla at Goldman Sachs Tech Conference.

February 12:

– The XRPL reaches a new level of decentralization. Ripple UNL validators control less than 20% of the network, meaning that non-Ripple validators can pass amendments without Ripple’s agreement.

February 13:

– VALR, a South African exchange that first listed XRP back in March 2019, announced that it would also add an XRP/ZAR (South African rand) pair.

– BitPay makes XRP and crypto available to 100,000 retailers through integration with Poynt’s Smart Terminal point-of-sale devices.

February 14:

– Chainalysis, the blockchain analysis company for exchanges, government agencies, and financial institutions adds support for XRP to its service.

February 15:

– BRD wallet makes XRP available to more than 3 million users in 170 countries and Launches Enterprise Expansion.

February 17:

– Brad Garlinghouse (Ripple CEO) interview by Julia Chatterley on CNN.

February 19:

– Daniel Vogel (Bitso CEO) interview on The Scoop

February 20:

– Ripple takes an active role against fraudulent activity and adds Unusual Activity Report (UAR) to its website.

February 21:

– David Schwartz at Stanford Blockchain Conference 2020: “The Best Incentive is No Incentive”.

Below you can find a longer version of the talk at Stanford explaining the rationale for the lack of block production incentives in the XRP Ledger design:

February 23:

– RAKBank partners with BDO Unibank through RippleNet. BDO confirmed to be a RippleNet member.

February 24:

– Luno, an exchange headquartered in London with a presence in Singapore, South Africa, Malaysia, Indonesia, and Nigeria, announced the addition of XRP on its platform.

February 25:

– XRP listed on Vinex Network with XRP/BTC and XRP/USDT pairs.

February 26:

– Ripple strengthens its presence in the APAC region with 3 more customers: Sentbe, WireBarley, and Hanpass.

– Azimo uses On-Demand Liquidity for faster international payments Into The Philippines.

– AMNIS Treasury Services AG, a company that handles foreign currencies and international payments for small and medium-sized companies via a fully automated platform, joined RippleNet.

– Zakinov v Ripple Labs: Motion to dismiss granted and denied in part. Unregistered security allegations remain.

February 27:

– CCryptoEx, a centralized exchange based in Singapore, announced the addition of XRP to its trading platform with XRP/BTC and XRP/USDC pairs.

– Ripple Drop: Liquidity Explained and the Evolution of the XRP Ledger.

March 3:

– The National Bank of Fujairah (NBF) officially joins RippleNet

March 5:

– Unannounced Ripple partner Terrapay acquired by a consortium of investors.

March 10:

– Markus Infanger (Senior Director, Institutional Markets EMEA at Ripple) at CryptoCompare Digital Asset Summit: The evolution of the cryptoasset marketplace, trends in liquidity flow and the role of market makers.

March 18:

– DeeMoney, a fintech company based in Thailand specializing in digital cross-border money transfers, announced its platform was processing live transactions, in partnership with Ripple.

– Asheesh Birla Interview on Means Business by Randi Zuckenberg.

March 30:

– Santander to expand Ripple powered One Pay FX to Mexico.

March 31:

– Xpring Supports Interledger STREAM.

April 2:

– Siam Commercial Bank (SCB) dives deeper into RippleNet and forms a new partnership with Azimo.

– Anchorage enterprise digital asset custodian adds support for XRP.

April 4:

– WhiteBIT, a European centralized exchange that offers crypto-to-crypto and crypto-to-fiat trading, added XRP to its trading platform with BTC and USDT pairs.

April 7:

– Navin Gupta Podcast on Finance Magnates.

April 8:

– Bank of America executives confirm Ripple partnership during a podcast.

April 11:

– Bibox Europe supports XRP with EUR, CHF and GBP pairs.

April 21:

– Ripple files lawsuit against YouTube to prompt an industry wide-behavior change and set the expectation of accountability. The complaint calls on the video platform to be more aggressive and proactive in identifying these scams, before they’re posted, for faster removal of these scams once they are identified, and lastly, to not profit from these scams.

– Ripple joins mobility coalition (MOBI), a global nonprofit organization working to improve mobility using blockchains, distributed ledgers, and related technologies.

April 22:

– Brad Garlinghouse talks YouTube lawsuit on Bloomberg.

April 23:

– Ripple introduces a new podcast series: Block Stars with David Schwartz.

– Japanese cryptocurrency exchange FXcoin announces that it will test remittances with XRP.

April 24:

– Xpring introduces Developer Reflections, an initiative that will highlight some of the work being done by the growing community of talented developers using the open-source protocols, tools, and services that Xpring helps to build and maintain.

April 28:

– FinNexus DeFi platform and Bitrue exchange partner to bring Defi and tokenized real assets to the XRPL.

April 29:

– Arab Bank Switzerland announces that it will add custody and brokerage services for XRP.

April 30:

– Sygnum Bank, a digital asset bank founded on Swiss and Singapore heritage but operating globally, adds XRP for custody, trading, and credit services on its banking platform.

May 1:

– Ripple hit with new lawsuit, filed by attorney Pavel Pogodin through his company, Consensus Law, located in Puerto Rico. The plaintiff is Bitcoin Manipulation Abatement LLC, an entity with little to no online presence that was set up in March 2019.

– Ripple announces near-zero XRP sales and 294% increase in XRP ODL volume.

– Marjan Delatinne (Global Head of Banking at Ripple) at Fintech Friday: The Future of Digital Banking.

May 2:

– Xpring introduces XRPScan.

May 5:

– Bitso sees exponential growth of cross border remittances with XRP in a year. What started with less than 7.5 million pesos ($310.000) in April 2019 reached almost 4.4 billion pesos ($183 million) a year later.

– Ripple joins ISO 20022 Standards Body—the first member focused on Distributed Ledger Technology (DLT), to help enable the next step in global interoperability and meet the evolving needs of its customers.

– Imgur, an American online image sharing community and image host founded in 2009, launches Emerald, an exclusive platform for Coil members.

– Block Stars Podcast with David Schwartz and Chris Larsen.

– Block Stars Podcast with David Schwartz and Catherine Coley.

– Block Stars Podcast with David Schwartz and Marc Blinder.

May 6:

– Philanthropic and Technology Organizations including Coil, Bill & Melinda Gates Foundation and Google join as Inaugural Sponsor Members of the Mojaloop Foundation.

– MG.Social announces a new type of social network that rewards users by allowing them to monetize their postings with Coil technology.

May 7:

– XRPL deletable accounts amendment enabled: users can now delete their accounts and retrieve all their XRP.

May 9:

– Kuwait Finance House (KFH), one of the earliest adopters of RippleNet, expands RippleNet use to Turkey

May 10:

– RAKBank, also known as the National Bank of Ras Al Khaimah (P.S.C), one of the oldest banks in the UAE, extends Ripple powered ‘RAKMoneyTransfer’ to Bangladesh via Bank Asia Limited.

May 11:

– Flare Networks is a blockchain network based on the Flare Consensus Protocol – the first Turing Complete Federated Byzantine Agreement protocol launches the Coston Testnet to enable smart contracts with XRP, on a next-generation blockchain, with settlement on the XRP Ledger.

May 12:

– Beliani, a European online furniture seller, partnered with BitPay to accept payments in digital currencies from its customers, including XRP.

– Newly launched W3EX exchange lists XRP.

– Fliqpay’s cryptocurrency payment gateway goes live. Businesses in Africa can now accept payment in cryptocurrencies, including BTC, USDT, ETH, LTC, and XRP.

May 13:

– Ripple prepares for loans product release with a job listing looking for a Director of Product Management for Loans. 

May 15:

– The XRP TipBot lives on through Uphold.

– Xpring introduces Flare.

May 16:

– The Bureau of Consumer Financial Protection (CFPB) acknowledges Ripple’s benefits. Ripple’s products allow banks and credit unions to know the exact final amount that recipients of remittances will receive, before they are sent.

May 18:

– Ripple powered Money Tap to be integrated by ATMs in Japan.

– Ripple and other companies helping Waya, a cross-border, cross-network remittance and payment solution for Africa, make payments and transfers in Africa simple and instant.

– ShapeShift platform and KeepKey wallet support XRP.

May 19:

– The Coil ecosystem grows with WordPress plugin and Uphold integration.

– Warren Paul Anderson (Head of Developer Relations, Ripple) at REIMAGINE 2020.

– Emi Yoshikawa (Senior Director, Global Operations, Ripple) at Crypto Asia Summit.

May 20:

– Craig DeWit (Ripple’s Director of Product) joins U.S. Faster Payments Council Cross Border Working Group. Members have access to the latest faster payments research, news and information, implementation support, and education and resources to fulfill their faster payments objectives. Members can also use the FPC to participate in Work Groups and committees to ensure their organizational needs and perspectives are considered, as well as to develop relationships with industry peers, potential partners, and customers.

– Blockchain.com, a crypto company founded in 2011 helping millions across the globe – from single individuals to the largest institutions – have an easy and safe way to access cryptocurrency, lists XRP.

May 22:

– Eterbase, a centralized exchange launched in May 2019 and based in Bratislava, Slovakia, announced the addition of XRP to its trading platform.

– Navin Gupta, Ripple’s Managing Director in the South Asia and MENA region, in an interview on Nishith.tv reveals that Ripple has “about 350 financial institutions who use its technology every day”.

May 23:

– Go2 exchange, an international payment service, created by R2D2 HK Limited, a Money Services Operator Regulated by the Hong Kong Customs and Excise Department, runs on Ripple.

– GokuMarket, a decentralized marketplace for the blockchain economy, designed to fulfill all digital asset needs, lists XRP with eight new utilities all under one roof.

– TimeX, a plasma-based hybrid Crypto-Exchange, lists XRP on its platform, with AUDT (AUD token) and USDT (Tether) pairs.

– Xpring introduces XUMM.

May 25:

– XRP options trading available on Binance.

May 26:

– Block Stars Podcast with David Schwartz, Fabian Eberle and Paolo Gasti.

May 27:

– Ripple ODL partner exchange Bitstamp introduces GBP trading for XRP.

– Ripple makes RippleNet onboarding faster and easier with RippleNet Cloud.

– Exir, a cryptocurrency exchange operating since 2017 in Iran, announced the addition of XRP to its platform, with the Iranian rial (IRR) pair.

May 28:

– Ripple lawsuits (Bitcoin Manipulation Abatement LLC and Zakinov) get consolidated.

– XRP Toolkit v2 connects to the XRPL DEX and Xumm.

– Navin Gupta at The Digital Fifth: Opportunities & Innovations in the Remittance Business.

– Marjan Delatinne at Women in Payments: Real Time Reality: Where Are We Headed & How Will We Get There?

May 30:

– Maerki Baumann & Co becomes the third Swiss bank in a month to support XRP trading and custody.

– Ripple meets with the Central Bank of Brazil to address institutional matters.

– Xpring introduces Xrplorer.

June 1:

– CoinLoan adds XRP to its platform, to be used as collateral for crypto-backed loans or for earning interest.

June 2:

– Asheesh Birla interview on Product to Product.

June 3:

– Greg Kidd Interview on The Digital Asset Investor.

June 6:

– Armoney exchange recommends a handful of digital assets including XRP. Announces that it will go Going live on June 15th.

June 8:

– Ripple powered MoneyTap recognized as the most cost-effective service in the new Japanese QR standard.

– Ripple moves to dismiss Fraud Allegations in the Zakinov lawsuit and files the newly released CFPB rule to be taken into account.

– Ripple announces a reduction of emphasis on large treasury payments—which are traditionally used to fund businesses and services in the absence of real-time transfers—to support individual, low-value transactions, addressing the growing need in remittances and SME payments. Ripple explained that this could reduce overall ODL transaction volumes, which it did.

– Marjan Delatinne at the Future of Finance Conference: Mapping the Digital Payments Revolution. Marjan revealed that Ripple will expand On-Demand Liquidity to Brazil ‘Very Soon’.

June 9:

– Craig DeWitt (Director of Product at Ripple) Interview on Thinking Crypto.

June 10:

– Hacker Noon, the technology publishing platform serving 4M readers per month, announced a $1M strategic investment from Coil, the San Francisco-based startup designed to help creators monetize content and provide a premium experience to consumers.

– Banco Rendimento becomes the first bank to join Ripple’s cloud service.

– Brad Garlinghouse’s Remarks At Ripple’s Q1 2020 Virtual All-Hands Meeting.

June 11:

– DEV, an online community for sharing and discovering great ideas by submitting stories, tutorials, questions, or anything worth discussing, becomes Web Monetized via Coil.

– BitPay launches a prepaid Mastercard in the U.S. with BTC, BCH, ETH, XRP, and stablecoin support.

– Marcus Treacher, Ripple’s SVP of Customer Success, reveals in a Webinar at FS Club that Ripple plans to accomplish global coverage by mid-2021 and plug MoneyGram’s cash payout to RippleNet this year.

June 12:

– Coil subscribers can now track their payments with PayTrackr, a browser extension.

– XRP circulating supply on reporting websites breaks due to faulty integration.

June 14:

– Media giant Condé Nast uses Coil for web monetization for the following U.S. brands: allure, Bon Appétit, Epicurious, Glamour, Teen Vogue, Self, Pitchfork, GQ Style, GQ.com, Them, The New Yorker, Vanity Fair, and Vogue.

June 16:

– Ripple uploads a new one-page document on its website about RippleNet Cloud, outlining the product’s benefits and revealing four new customers: BCRemit, SpotOn Money, Lulu International Exchange, and Orbit Remit.

– Volante, a global financial technology company, with two decades of experience serving as trusted strategic partners for financial institutions of all sizes, reveals that its platform can be used to settle through XRP via Volante’s Ripple connection.

– Ripple makes CNBC’s Disruptor 50 companies.

– Ripple Co-Founder Chris Larsen Discusses the U.S.-China Tech Cold War at the CB Insights Tech Conference.

– Block Stars Podcast with David Schwartz and Breanne Madigan

– Stefan Thomas (Coil Founder and CEO) on Fintech Beat.

June 17:

– Former CFTC Chairman Chris Giancarlo and Conrad Bahlke of Willkie Farr & Gallagher explain in a paper why XRP is not a security.

June 18:

– Leading technology, finance, and nonprofit companies joined forces to announce the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency. Ripple takes a central role in this effort.

– “Checks” XRPL amendment activated. For the first time, an amendment passed without Ripple’s approval, which shows the level of decentralization the XRPL has reached.

– Brad Garlinghouse on CNBC.

June 19:

– Binance, the world’s most popular exchange, adds GBP (Pound sterling) trading pairs on its platform, XRP/GBP included.

– PayBito, a top-20 exchange by total volume (on CMC), adds XRP with AED (United Arab Emirates dirham), HCX (HCX), INR (Indian rupee), USD (United States dollar) and USDT (Tether) pairs.

– Zero Hash, a FinCEN-registered Money Service Business and a Money Transmitter in more than 30 states, adds support for XRP and EOS.

– David Schwartz Fireside Chat with Kristina Corner of CoinTelegraph at Blockdown 2020.

– In an interview with Thinking Crypto, Adam Traidman, SBI Ripple Asia CEO, reveals that SBI Ripple Asia will go into production with ODL later this year and into next year.

June 21:

– Toast Wallet, a free open source XRP wallet for Android, iOS, Windows, and Mac that was launched in 2017, announced that it would shut down.

June 23:

– Dev Null Productions, a leading provider of XRP data and intelligence services, announced the release of Zerp Tracker, an XRPL monitoring tool.

– Ripple Drop: Ripple’s Response to Coronavirus – Brad Garlinghouse, David Schwartz, Asheesh Birla.

June 25:

– Ripple launches PayID invoices and subscriptions demo page, ChefXRP.

– PayID Developer Conference.

June 26:

– SBI Group announces its intention to establish a “Crypto-asset Fund” that will allocate 50% to XRP, 30% to Bitcoin, and 20% to Ethereum.

June 29:

– Hatton National Bank (HNB), the fifth-largest bank in Sri Lanka, sees a rapid increase in digital remittances and reveals it is using RippleNet.

June 30:

– Block Stars Podcast with David Schwartz and Adam Traidman (BRD and SBI Ripple Asia CEO).

Analysis

As expected, the month with the fewest news and developments was March. With Covid-19 quickly spreading across the globe and countries going into lockdown, business could not go on as usual.

Customers

Despite the pandemic, Ripple had a very good first quarter in 2020. In a video released on June 10 (but recorded in May), Brad Garlinghouse mentioned Ripple had signed 24 production contracts in Q1. Navin Gupta also revealed that Ripple was close to 350 institutions using its technology on May 22.

Employees

Mr. Garlinghouse also mentioned that Ripple had changed their hiring goal to reach 515 employees by the end of the year from 575 originally planned. Ripple would add 50 positions to the end of the year, meaning Ripple currently employes 465 people.

Quite a few notable executives moved on from Ripple, each for his/her own reasons:
– Dilip Rao (Global Head, Infrastructure Innovation, Ripple): Advisor at FlashFX
– Evan Schwartz (Senior Software Engineer, Ripple and Interledger co-inventor): –
– Dan Morgan (Head of Regulatory Relations, Europe, Ripple): Policy Lead, Europe at Plaid
– Kahina Van Dyke (SVP Business & Corporate Development, Ripple): Global Head, Digital Channels & Data Analytics at Standard Chartered Bank
– Miguel Vias (Head of XRP Markets, Ripple): –
– Danny Aranda (Xpring): –
– Vanessa Pestritto (Xpring): Agoric

RippleNet – ODL volume

Ripple’s CEO spoke of an 85% increase in volume across RippleNet across Q4 to Q1 and ODL increase of 190%. In regards to ODL, however, Ripple has switched its emphasis from large treasury payments to individual, low-value transactions, addressing the growing need in remittances and SME payments. This has greatly reduced ODL volume as we know it.

Tenitoshi and CinnappleFun have created the Liquidity Index. It monitors liquidity for XRP/MXN, XRP/EUR, XRP/PHP and XRP/AUD. These are screenshots from June 30th:

Image source: https://twitter.com/LiquidityB

At the same time 3 XRP community members, Mourad TOUMILabo-a-crypto-3.0 and XrPeace created Utility-scan, a page (you can view the code here) that listens for potential ODL transactions (more info on how it works by Moncho). Utility-scan has been “listening” for potential ODL transactions from various exchanges and so far it has picked up ODL transactions from the following exchanges: Bitso (MXN), BTC Markets (AUD), coins.ph (PHP), Bitstamp (USD, EUR, GBP), and Bitkub (THB).

Finally, H_M_X has also created a page to monitor the ODL flow.

All monitoring tools tell the same story, which is a result of Ripple’s change in emphasis from large treasury payments to individual, low-value transactions, addressing the growing need in remittances and SME payments.

Events

Ripple also adapted by switching its annual Swell event to virtual. The event will take place on October 14-15. Ripple’s Swell is also expanding this year with a summer series of regional webinars: North America (July 29), MENA (August 12), APAC (August 26), LATAM (September 2), and Europe (September 16). Xpring also introduced Developer Reflections, an initiative to highlight some of the work being done by the growing community of talented developers on the XRPL. Ripple’s also started a new podcast series with its very own CTO David Schwartz as the host.

New products

Besides adapting its ODL strategy, Ripple announced a few new products. RippleNet Cloud makes RippleNet onboarding faster and easier while PayID, a universal payment ID simplifies the process of sending and receiving money globally – across any payment network and any currency. Ripple also started preparations for a loan product release for RippleNet customers.

New RippleNet members

Ripple announced 300 customers at Swell, in early November 2019. Since then, Navin Gupta revealed that Ripple had close to 350 companies using its technology, meaning Ripple signed approximately 50 customers since Swell. Some of the companies that have been formally announced or revealed to work with Ripple are:
– Kuveyt Türk Bank (Turkey)
– Top Remit (Indonesia)
– Banco Topazio (Brazil)
– Tranglo
– Al Ansari Exchange (United Arab Emirates)
– Bac Florida Bank (United States)
– Nubi (Argentina)
– Himalayan Bank (Nepal)
– Intermex (United States) – ODL
– Bank Asia Limited (Bangladesh)
– National Bank of Egypt (Egypt)
– BDO Unibank (The Philippines)
– Sentbe (South Korea)
– WireBarley (Australia)
– Hanpass (South Korea)
– Azimo (The Netherlands) – ODL
– AMNIS Treasury Services AG (Switzerland)
– National Bank of Fujairah (NBF) (United Arab Emirates)
– DeeMoney (Thailand)
– Waya (Africa)
– Go2 exchange (Hong Kong)
– BCRemit (United Kingdom)
– SpotOn Money (United Kingdom)
– Lulu International Exchange (Abu Dhabi)
– Orbit Remit (United Kingdom)
– Hatton National Bank (HNB) (Sri Lanka)

You can view all these companies and more at our Ripple ecosystem.

Organizations

Ripple is a member of various organizations like BAFT, INATBA, MENA Fintech Association, and others. Ripple joined ISO 20022, the global and open standard for payment messaging, to become the first member focused on Distributed Ledger Technology (DLT). Ripple also joined the mobility coalition (MOBI), a global nonprofit organization working to improve mobility using blockchains, distributed ledgers, and related technologies. Coil, on the other hand, joined as an Inaugural Sponsor Member of the Mojaloop Foundation, a charitable nonprofit organization to extend financial inclusion efforts initiated by the Mojaloop open-source software project.

Coil

Coil, a web monetization platform, had various developments in 2020 so far. Imgur, an American online image sharing community and image host founded in 2009, launched Emerald, an exclusive platform for Coil members. Coil also created a WordPress plugin, developed in partnership with leading WordPress agency Pragmatic and integrated with Uphold, a digital wallet and trading platform, offering more payout options to Coil users. Hacker Noon, the technology publishing platform serving 4M readers per month, announced a $1M strategic investment from Coil. DEV online community and U.S brands of media giant Condé Nast started using Coil for web monetization. MG.Social launched the beta version of a new type of social network that rewards users by allowing them to monetize their postings with Coil technology. Last but not least, a newly created browser extension, PayTrackr, allowed Coil subscribers to track their payments.

Benny, created the WebMotized Tracking Bot, a Twitter bot tracking the adoption of Web Monetization across websites. According to the tracker’s data, 888 websites were Coil-monetized on June 30th. If you want to learn how it all works, you can read this blog post.

Image
Image source: https://twitter.com/WebMotized

Predictions

While Ripple executives are usually careful not to make predictions or set deadlines, the past few months we’ve had quite a few. Marcus Treacher mentioned that Ripple aims to accomplish global coverage by mid-2021 and plug MoneyGram’s cash payout to RippleNet this year. SBI Ripple Asia CEO also mentioned that SBI Ripple Asia is planning to go into production with ODL later this year and into next year. Marjan Delatinne said Brazil was coming soon on ODL while Marcus Treacher mentioned that Ripple is hoping to further ODL expansion by opening corridors to APAC and EMEA this year.

XRP price

In 2020 so far XRP reached a high of $0.337 and a low of $0.115. XRP also continued its drop in relation to BTC, from 2681 sats to 1936 on June 30th.

Image source: https://coinmarketcap.com/currencies/xrp/

XRP’s market dominance continued to drop from 4.36% in the beginning of 2020 to 3.02% on June 30th. On January 1st 2019, XRP’s market dominance was at 10.88%.

Image source: https://coinmarketcap.com/charts/#dominance-percentage

It’s useful to take a step back and look at this from a longterm point of view (using logarithmic scaling to make the price movement more visible).

Finally, XRP has shown less volatility in 2020 so far with the only exception being between March 12 and 13, affected by the general volatility in markets.

XRP Ledger

The XRP network reached the milestone of 1000 nodes on December 5th, 2018. The number of nodes at the beginning of 2020 was 993 and has now dropped to 905.

Image source: https://xrpcharts.ripple.com/#/topology

The network has continued its decentralization through 2020. Non-Ripple validators increased from 27 out of 34 (79.4%) in January, to 30 out of 36 (83.3%) at the time of writing. This means that non-Ripple validators can pass amendments without Ripple’s approval. This has already occurred with the Checks amendment.

Image source: https://minivalist.cinn.app/

There has also been improvement in regards to the decentralization of the XRPL in regards to the location of the UNL validators. The countries in the UNL increased from 10 to 12 with the U.S. dropping from 68% control to 58%.

Image source: https://minivalist.cinn.app/

For additional metrics on the XRPL (transactions, payments, accounts, fees, etc) you can visit xrpintel or XRPscan.

XRP supply

The distribution rate remained low all through 2020, with a steady increase in the last few weeks of June.

XRP escrow

This is also evident from the monthly XRP escrow releases by Ripple. Ripple returned more XRP to escrow in Q4 2019 and Q1 2020 but in June and July 200m XRP were not returned each month. This, of course, does not mean Ripple sold 200m XRP each month but we expect an increase in Ripple’s reported sales in Q2 2020 compared to Q1.

Image source: https://www.xrparcade.com/2020/03/02/ripple-escrow-unraveling-the-mystery/

XRP volume

According to CoinMarketCap, XRP’s volume mostly ranged between one and three billion per day, with an exception during the high volatility period.

Data from CryptoCompare on the other hand shows a much smaller volume, ranging from 100 to 500 million in 2020, with a few exceptions at 1 billion.

Image source: https://www.cryptocompare.com/coins/xrp/charts/BTC?p=12M&t=CS

Exchanges

Exchanges that listed XRP in 2020 so far: LBank, CryptoSook, Hitmex, BitUBU, Smart Valor, Bitazza, Luno, CCryptoEx, WhiteBIT, Bibox Europe, W3EX, ShapeShift, Blockchain.com, Vinex, Eterbase, GokuMarket, TimeX, Exir, Armoney, PayBito.

Binance also added EUR and GBP pairs for XRP and made options trading available. Bitstamp, one of Ripple’s ODL partner exchanges also added GBP trading to its platform.

At the time of writing, 389 exchanges offer XRP trading according to our data, with 1168 markets. It is also paired to 51 fiat currencies with a total of 386 fiat markets. The most popular fiat currencies paired with XRP are the USD (on 72 exchanges) and the EUR (on 56 exchanges).

Image source: https://www.xrparcade.com/xrpfiatpairs/

We urge exchanges that have listed or planning to list XRP to take a look at this page in order to integrate XRP correctly and avoid falling victim to someone exploiting the partial payment feature.

As far as ODL (On-Demand Liquidity) is concerned, Ripple hasn’t officially announced any new ODL exchanges. However, it was revealed that Thai exchange Bitkub is facilitating ODL payments for Thai baht (THB). Other known ODL exchanges include Bittrex, Bitstamp, Bitso, coins.ph and BTC Markets. It is expected for Bitso to grow along with Ripple and expand in other countries in Latin America, with growth in Argentina already a reality. Bitrue is another exchange that is expected to add fiat pairs and become an ODL exchange, with Binance also being another ODL potential suitor. Ripple funded DCEX, a US-based exchange, in August 2018 and also partnered with PDAX, an exchange in The Philippines that was launched in September 2019, but no announcement has been made in regards to ODL by neither party. SBIVC is also expected to kick-off the Japanese Yen (JPY) ODL market sometime in 2020 or at the beginning of 2021.

Companies accepting XRP

XRP adoption has grown significantly in 2020 according to Cryptwerk. From 469 companies accepting XRP in January, the number has grown to 653 in June. That is a 39% increase. Despite the increase, XRP is only 18% popular compared to other cryptocurrencies, with Bitcoin being at 89%, Ethereum at 47%, Litecoin at 37% and Bitcoin Cash at 35%.

Image source: https://cryptwerk.com/analytics/xrp/

Additions to the XRP ecosystem:
– Bitpay, the world’s largest provider of Bitcoin and cryptocurrency payment services.
– Refundo, a leading provider of tax-related financial products and services.
– BRD wallet.
– Chainalysis, the blockchain analysis company for exchanges, government agencies, and financial institutions.
– Anchorage enterprise digital asset custodian.
– Arab Bank Switzerland for custody and brokerage services.
– Sygnum Bank, a digital asset bank, for custody, trading, and credit services on its banking platform.
– Maerki Baumann & Co becomes for XRP trading and custody.
– Beliani, a European online furniture seller.
– Fliqpay’s cryptocurrency payment gateway.
– ShapeShift platform and KeepKey wallet.
– CoinLoan for crypto-backed loans or for earning interest.
– Volante, a global financial technology company, can use XRP to settle.
– Zero Hash, a FinCEN-registered Money Service Business and a Money Transmitter.

Regulation – Lawsuits

Ripple continues to push for regulatory clarity, not only for XRP but for the broader crypto industry. After India’s Supreme Court historic verdict against the Reserve Bank of India ban on crypto, Ripple issued the policy paper “The Path Forward for Digital Assets Adoption in India“, to help Indian lawmakers.

In the U.S., the Consumer Financial Protection Bureau (CFPB) announced a final rule that would revise The Electronic Fund Transfer Act (EFTA) as it relates to remittance transfer providers. This rule was filed in the Zakinov case by Ripple as part of its defense. Currently, there are three open lawsuits for Ripple:

  • Zakinov et al v. Ripple Labs (U.S. Federal Court in California).
  • Simmons vs. Ripple Labs (U.S. Federal Court in New York).
  • Ripple Labs vs. YouTube, LLC (U.S. Federal Court in California).

The case that progressed the most is the first one, with Ripple moving to drop all fraud allegations. Two years after the first lawsuit was filed, regulatory clarity in the U.S. is of the utmost importance for XRP.

Conclusions

The past six months have been extremely difficult. Adjusting to a new way of life with little to no warning has had its toll on people and businesses, but life goes on.

The XRPL got two new important amendments activated, “deletable accounts” and “checks”. These amendments provide additional functionality to the XRPL and enable new use-cases for XRP.

According to statements from Ripple executives, Ripple managed to continue to bring new clients, even at a slightly reduced rate. Ripple adjusted by launching new products like RippleNet Cloud and Loans, in order to make RippleNet even more attractive to potential customers. Ripple also adjusted its hiring goal up to the end of the year, from 575 originally planned to 515. Ripple shifted its ODL focus from large treasury payments to individual, low-value transactions for remittances and SME payments. We believe that even though this shift may have caused ODL volumes to drop significantly it will bring greater benefits. This shift better serves XRP’s original purpose and addresses a much larger market.

As Navin Gupta once said, Ripple has set out to “make a dent in the universe” and XRP is an integral part of that goal. The ship will not reach its destination overnight and the “captain” will need to make many adjustments to its course. Adjusting is not a sign of weakness, but a necessary step for success.

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Categories: Reports