RippleNet is a global blockchain-based payment solution developed by Ripple
Brooks Sprainvice president and general manager for APAC and MENA at Ripple, highlighted in a recent interview the success of RippleNet in the Asia-Pacific region while forecasting significantly higher usage of the service in 2022. RippleNet is a global payment solution based on the blockchain developed by Ripple.
The uptake of RippleNet’s On-Demand Liquidity (ODL) service in the APAC and MENA region has surged in response to increased demand for quick settlements and immediate access to funds. APAC reportedly is one of the fastest-growing regions for RippleNet, where transactions have risen 130% year-over-year.
The senior executive says that while remittances could continue to be a key use case for RippleNet, other emerging use cases or applications could come to the fore, such as trade flow or cash management.
Another encouraging development is that key countries in Asia-Pacific are investigating the usage of CBDCs. Ripple announced a partnership with Bhutan’s central bank, the Royal Monetary Authority (RMA), in September 2021, to pilot a central bank digital currency (CBDC) in phases using Ripple’s CBDC solution. The country’s ambition to improve digital and cross-border payments, boost financial inclusion efforts and extend its commitment to sustainability drove the partnership move, as stated in a release.
In recent years, APAC (Asia-Pacific) has risen to the top of the digital banking industry, accounting for 20% of the approximately 250 digital banks globally.
The APAC area struggled with a lack of awareness of the blockchain technology that supports crypto digital payments in the past. Reports over the last several years, however, have highlighted an increase in crypto usage, with the worldwide blockchain market expected to grow at an 81% CAGR (Compound Annual Growth Rate) over the next five years, reaching $23.3 billion by 2023.
Cross-border payments were the most popular use case for blockchain technology in 2021, accounting for 15.9% of all use cases globally.
