Ripple’s network has been consistently growing since its inception. Financial Institutions have been signing up to use its blockchain network RippleNet to send cross-border remittances more efficiently and cheaply.
Prior to the global pandemic, Ripple had been consistently signing 2-3 production contracts per week. However, the number of Ripple customers has been the target of quite a bit of speculation.
Navin Gupta confirms 350
Navin Gupta, Ripple’s Managing Director in the South Asia and MENA region, participated in a virtual session organized by Nishith Desai Associates (NDA), a research-based international law firm. During the session, at around the six-minute mark, Navin revealed that Ripple has “about 350 financial institutions who use its technology every day”. The session took place on May 22nd, 2020.
Even though Mr. Gupta didn’t give an exact number of customers, it is good to know that despite the global pandemic Ripple continues to grow its network with new customers.
The pandemic didn’t seem to leave Ripple unaffected though. With 28 weeks between Ripple’s announcement of 300 customers and Navin’s statement, we can estimate that Ripple grew its customer base by approximately 1.8 customers per week. With Swell 2020 coming up in 19 weeks, on October 14, 2020, Ripple will have to pick up the pace if it wants to reach 400 customers by then. Another challenge will be to continue bringing more of those customers to its On-Demand Liquidity (ODL) product, to use the digital asset XRP to source liquidity and avoid pre-funding.
To catch a glimpse of Ripple’s customers you can visit our Ripple ecosystem.