Ripple says it signed 28 new production contracts for its Immediate Edge remittance platform in the first quarter of 2020. San Francisco payments company CEO Brad Garlinghouse revealed the numbers during an internal virtual meeting posted on YouTube.
According to Garlinghouse, Ripple exceeded expectations for the acquisition of new XRP customers and began to see a decline in transaction volume in March. As the economic impact of the Coronavirus began to take effect.
„We saw an 85% increase in Ripplenet volume between the fourth and first quarters, despite ending March with a growth slowdown,“ said Brad Garlinghouse
Ripple plans to open new XRP corridors this year
XRP goes up with the Coronavirus
Garlinghouse also commented that „we saw some of our big clients, a player in Thailand. That’s driving a lot of volume.
The Ripple CEO also said, „We had planned 20 new contracts, and ended up signing 28 new production contracts in the quarter. So despite the dynamics of the pandemic, we were able to end the quarter on a strong note.
In response to the global economic slowdown, Ripple will reduce the number of new hires it makes during the rest of the year. Therefore, the company expected to end 2020 with a total of 575 employees, and now plans to end the year with 515.
Ripple: XRP the preferred currency for arbitration
Ripple in 2020
This year, the crypto company has gradually moved up to new projects. In our past news we have commented that Ripple is the currency of choice for arbitration.
In turn, the company is promoting the use of the RippleNet cloud for financial institutions, due to the COVID-19 crisis. Ripple has undoubtedly managed to conquer the top in the global crisis.
Also, the alliances that it has achieved this year have been very significant, such as the alliance with WordPress and the alliance with Bitrue, will be a boost for the XRP in the market.