2022 was a difficult year for a lot of cryptocurrency firms and investment funds. Throughout last year, there were multiple high-profile bankruptcies, including Three Arrows Capital, Terraform Labs, Celsius, and of course, FTX. However, one company that weathered the storm, and even managed to strive was Ripple.
Ripple’s Q4 2022 XRP Markets Report
Earlier today, Ripple released their Q4 2022 XRP Markets Report. According to the report, 2022 was a particularly strong year for Ripple, having focused on crypto utility and scaling its ODL (on-demand liquidity) product. Despite a tumultuous market, Ripple’s ODL still had high demand from customers. ODL is now available in nearly 40 markets, which is extraordinary considering at the beginning of 2020 it was only available in 3 markets.
The company launched ODL in France, Sweden, and Africa, and expanded its customer base to corporate clients for cross-border payments. As well as this, RippleNet processed $30 billion in volume and 20 million transactions, with 60% of payments sent through ODL in 2022.
Building continued on the XRP Ledger
As well as the growth of their ODL and bank-focused products, the report also highlighted some of the projects that were built on the XRP Ledger in 2022.
For example, the Colombian government launched a national land registry on the XRP Ledger to store and verify property titles. The registry was developed with Peersyst and recorded its first property in July. This use case for NFTs was recognized by Time Magazine as one of the ‘Best Innovations’ of 2022.
Despite difficult market conditions, Ripple’s success highlights the resilience and continued growth potential of the cryptocurrency industry.