Both the Swedish money transfer operator Xbaht, which specializes in remittance payments between Sweden and Thailand, and the Paris-based regulated payments provider Lemonway have inked contracts with Ripple Labs to utilize its “On-Demand Liquidity” technology. According to a press statement from the business, the total annual payment volume processed by RippleNet, the consortium of banks and payment providers who have agreed to utilize Ripple’s blockchain network for international payments, has surpassed $15 billion.
Sendi Young, Ripple’s managing director for the United Kingdom and Europe, says that the company is doing well despite the general depression in the cryptocurrency industry, and that they want to hire an additional 300 people this year. Furthermore, Ripple Labs is eyeing the custodial platform GK8 that is now up for grabs in the Celsius Network bankruptcy auction.
Young said in an interviews that it’s not enjoyable to watch other firms in a bad position in this market scenario, but they did find themselves expanding quickly and also they’re well capitalized. Ripple Lab is keeping eyes out for promising chances to make strategic investments.
Payments, according to Young, include a wide range of areas while being a very minor part of the overall financial system. She also noted that reliance on a particular crypto solution might be necessary in certain cases. Young predicted that a lot of cryptocurrencies, including central bank digital currencies, stablecoins, and other cryptocurrencies, would be used in the future. These many means of storing value will converge, and each will find its own applications.