1/ After ~9 amazing years I’ve decided to wrap up my day job at
@Ripple
. Luckily, I’m not going far as I join the Board of Directors, where I’ll continue to provide input on company vision + strategy. I haven’t decided what’s next, but plan to continuing BUIDL in crypto :)
Introducing Ripple Liquidity Hub -- a one stop shop for enterprises to source any tokenized asset (yes, really) for your customers from liquidity venues like MMs, ce/de exchanges, etc complete w/ a streamlined API, optimized pricing & smart routing 1/3
Seeing some tweets comparing Lightning-based cross-border payment apps to Ripple’s On-Demand Liquidity product (with XRP). More players focused on this problem is a good thing for the industry IMO but let’s clear up some misconceptions:
On-Demand Liquidity – a labor of love from team RippleNet & testament to the power of crypto. What was once a vision a few years ago, now accounts for 25% of total dollar volume over our network RippleNet (!!!) 1/3
#ODL
had its best year yet – and we’re not even into November. Since Q3 of 2020, transactions over RippleNet have doubled, and ODL transactions account for 25% of total dollar volume across the network in Q3.
Read more from
@CryptoCwby
👇
(thread ahead) In the last few days, we’ve seen some say that Russia could potentially evade sanctions and get around SWIFT using crypto. I outline some of the key arguments refuting this below (and a chart 😄)
Fresh off the press to start the week:
@Ripple
is acquiring a 40% stake in cross-border payments hub
@Tranglo
to expand On-Demand Liquidity in the Philippines + new corridors starting in SE Asia, and
@brooksentwistle
and
@amirsarhangi
are joining its BoD!
Sobering reality check. Having spent the day at the border, Bitcoin is helping in a few niche cases but the problems require bigger solutions.
I saw no evidence or use of:
- Dash
- BCash
- BSV
- ETH
- Ripple
- Tron
- PotatoCoin
The only crypto people care about here is BTC.
Can crypto disintermediate traditional fiat FX companies to take over the $130T cross-border payments industry? It all comes down to crypto liquidity -- and good news, that’s trending positively. I break down the data for
@TechCrunch
here 🔽
An industry defining milestone: together,
@MoneyGram
and
@Ripple
are solving the challenges with cross-border payments using the speed and efficiency of
#XRP
.
Excited to announce
@Ripple
’s investment in Bitso! Our partnership goes back to 2014, and we’re honored to support their next stage of growth as they expand in LatAM.
12/ And finally to
@MonicaLongSF
– we started at Ripple in the trenches together just two weeks apart! I can’t think of anyone better suited to take the torch to lead the RippleNet team.
All things considered, Ripple had a pretty incredible year in 2020. In my 7+ years at Ripple, I remain insanely proud of what this team has achieved, and I’m bullish on where we’re going. Diving deeper specifically on RippleNet... 1/8
2020 was a banner year for
@Ripple
, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet txns, grew ODL 12x YoY and signed 15 new customers after the SEC complaint. 1/3
And beyond our bread-and-butter (cross-border payments) Ripple is tackling use cases like treasury management, lines of credit, and liquidity services (expect more at Swell ;). Enterprises are ready and excited to integrate crypto. Q4 + beyond, here we come! 3/3
Thanks for having me, Tony! Great discussion about today’s
@Ripple
ODL launch in Japan with
@SBIRemit
, how tokenization capabilities on
#XRPL
open up new use cases and my (forever) hunt for the best chocolate chip cookie 👀🍪!
In 2019 we signed a *multi-year* deal with MGI, still fully in place. They’ve temporarily suspended using ODL — for obvious reasons - regulatory uncertainty at this time. As a public company headquartered in the US, they have to err on the conservative side. 1/3
7 years ago, I joined Ripple to build our network, RippleNet. It’s since grown to hundreds of FIs sending millions of txns, billions of $, and expanding with services like liquidity management and lending. Excited for what the next decade will bring!
We’re enabling the IoV. To accelerate these efforts, you’ll see updates on our exec team and a fresh Ripple brand that matches our obsession of providing fast, reliable global payments.
Liquidity Hub opens for GA in 2022, starting with XRP, BTC, ETH, BCH, LTC and ETC (varying by jurisdiction) with plans to add other tokenized assets like NFTs, and capabilities like staking and yield generation. This is just the beginning. 3/3
Seems like every week there’s a new milestone for crypto - today it’s the
@coinbase
IPO, last week it was crypto’s market cap hitting $2T. Today’s news is hard to imagine even 2 yrs ago - so many (investors to regulators) doubted crypto’s ability to survive, much less thrive. 1/5
11/ Lastly, I want to thank
@chrislarsensf
and
@bgarlinghouse
who gave me invaluable opportunities and many, many lessons learned along the way at Ripple. I’m honored to join the Board and continue being a part of the company. (Photo: Brad’s first day at Ripple)
ICYMI - in today’s
@MoneyGram
earnings call, CEO
@walexholmes
announced plans to expand use of Ripple’s on-demand liquidity to new corridors before EOY. “Our partnership with Ripple will be a competitive differentiator in the months and years ahead”
.
@dkhos
give me 20 min to change your mind.
... The Uber CEO noted that the cost to exchange can be “expensive” and he further highlighted that “it’s not great for the environment.”...
[Thread ahead] For businesses who have yet to employ a Web3/Crypto strategy, you’re missing out on a huge growth opportunity. And if you're only thinking about Crypto as another payment option for customers - you're missing the forest for the trees. Take Uber as an example...
2/ RippleNet reached a $15B annualized payment volume run rate, as customers expand the use of RippleNet and ODL beyond remittances (including treasury and SME payments)
We anticipate a path forward to resume ODL w/ MGI. Regardless, we have 2 dozen+ other ODL customers in various stages of production in and outside the US (new customers TBA soon). Everyone take a deep breath! 3/3
Always with the hysteria...first, Ripple and MGI are strategic partners - we are building new infrastructure together. This market development requires a ton of work, effort, and resources. Surprise, that costs money! 1/3
Payments firm
@Ripple
has given
@MoneyGram
over $11 million dollars in the past half year on top of its existing stake, according to regulatory filings with the Securities and Exchange Commission.
@realDannyNelson
reports
“I’m bullish on BTC as a store of value, but not for payments. You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold.” -
@bgarlinghouse
at
@WSJ
Journal House … good point on why there won’t be one crypto to rule them all!
The pandemic continues to highlight the needs of overseas workers around the world - today, 45 million Bangladeshis can receive money from loved ones overseas using Mobile Money, Mutual Trust Bank and
@bKash_ltd
- all through RippleNet.
Through
#RippleNet
, Mobile Money has connected to
@bKash_ltd
powering seamless wallet-to-wallet
#payments
serving the remittance corridor between Malaysia & Bangladesh. Read more about the new partnership.
We’re excited to announce
@NovattiPayments
is leveraging RippleNet’s ODL service and
#XRP
for instant, cross-border payments from Australia to SE Asia. Read more about the partnership:
After nearly a decade in crypto, I’m still amazed at how quickly this industry evolves. It’s growing block after block (pun intended), like legos that can be put together to form infinite use cases. At Ripple, we’re taking that philosophy to heart. 1/5
5/ When he was at Bitcoin Magazine, Vitalik worked out of our office in Dec 2013. I remember him talking about early smart contract concepts. We made him an offer to be an intern at Ripple but couldn’t get the Visa sorted out, and he’d later speak at our first Swell conference.
It’s been a wild few weeks in crypto! OCC has greenlighted banks to get involved,
#Bitcoin
hits $12,000, DeFi is booming, futures products are soaring, and adjusted txn value for stablecoins hit an all-time high. And this is just a fraction of the news… (1/7)
Glad we all agree that correspondent banking is outdated in every sense - opaque, expensive and slow. Consumers deserve transparency. Great to see
@CFPB
recognizing RippleNet’s capabilities and the use of XRP for cross-border payment settlement in this regard!
The Consumer Financial Protection Bureau believes that Ripple's products could allow banks and credit unions to know the exact final amount that recipients of remittances will receive before they are sent. So do we!
We’ve been using this product internally for nearly 2 yrs to source XRP liquidity from the broader market for ODL flows and now making it available to our customers, as well as any enterprise ready to be part of the inevitable crypto-first future. 2/3
Swapping just the cryptocurrency part of the solution is like suggesting that GM just use an Energizer battery and is ready to compete w/ Tesla. 😂 There’s a lot more to consider here.
Today’s EO definitely puts a stake in the ground on crypto like we haven’t seen from the US govt. After years of “crypto is only for money laundering” or “crypto doesn’t have any real use cases” this is a refreshing read.
Customers have told us time and again that access to capital is the biggest barrier to growth. Scaling quickly is a must. If you’re an incumbent w/ a large balance sheet, that’s easy. Startups/SMEs/eCommerce companies unfortunately lack the resources to do the same. 1/5
Today, we launched Line of Credit—a new beta service that allows
#RippleNet
customers using On-Demand Liquidity to instantly source capital and initiate payments using XRP. Read more on Insights:
3/ ODL grew 8x YoY; and I’m incredibly proud to see half of the customers using ODL today upgraded their services from fiat only - a testament to ODL’s product market fit and the vision we had from day one
3/ When I started…
Largest crypto exchange: Mt Gox vs Binance
Daily volume: $2m vs $70B
Market cap: $1.6B vs $1.3T
This is an early picture of the team in our first-ever office!
A year after the commercial release of On-Demand Liquidity we have 2 dozen customers signed on, and we’re making an impact. In 2020 expect more volumes, more corridors, more customers experiencing the benefits of Ripple's On-Demand Liquidity Product
Proud to announce 5 new
#xVia
customers. Learn why unifying the increasingly fragmented payment landscape with xVia’s standard API solution is more critical today than ever before.
We purposefully built RippleNet to get FI’s comfortable with using a blockchain-based network for fiat transactions and when they’re ready - flip the switch for ODL, Line of Credit, and soon to come new products ;) 5/8
9/ Also in 2018 -
@hodges
hosted an amazing crypto dinner in April with
@twobitidiot
,
@DaveBalter
,
@GaryGensler
and others. Selkis was a lot nicer in-person & Gary Gensler was interested in learning about the intersection of crypto and finance (🤔what happened?).
Wow -
@Visa
CEO asks, “Does the consumer really need the funds that much faster?” Remittances are a lifeline to people around the world - getting funds faster is critical to quality of life.
Visa's CEO isn't buying into the hype around faster
#payments
even though some of its biggest banking partners continue to push the technology here in the U.S.
1/ As more countries research a potential CBDC, China is rolling out a robust distribution strategy for its digital yuan. It’s only a matter of time before payments in Asia (and beyond) look drastically different, likely heavily influenced by China.
Thrilled to announce our new MD of Europe:
@sendiyoung
🎉 With 25% of RippleNet customers in Europe and EU ODL txns growing rapidly (250% YoY!!!), Sendi is joining at a pivotal time to head up our EU strategy and the London office. Welcome to the team!
My first tweet in years is a good one...after 15+ years in traditional FIs, I’ve joined industry leader
@Ripple
as MD of Europe! Making the jump to crypto was a no-brainer - this tech is driving the future of finance, and I’m excited to get started.
6/ 2013 - we piloted RipplePay, a functional credit card where you could use XRP to make everyday purchases, using the XRPL DEX to convert any currency in your XRPL wallet into USD. Unfortunately, no card network was willing to come within a 10-foot pole of crypto at the time.
MGI said today that they are actively expanding to new corridors, and even working to integrate RippleNet for account-to-account transfers in 2020. ODL reduces their capital costs because of the product’s efficiencies, not because they are receiving any fee on the other side. 3/3
To build this future, we’re evolving RippleNet to provide more than just crypto-enabled instant cross-border payments -- it’s about being the bridge between a growing world of tokenized services and traditional enterprises that want to enter this space. More to come! 5/5
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.” -
@bgarlinghouse
at
#WEF20
Jan 2021 - some thought ODL was dead. Today, 20 ODL send markets are open, volume incentives paid to customers have decreased by over 90% since 2019 and 3/5 of our highest-transacting customers in 2020 upgraded to ODL for XRP-powered payments from solely fiat-based. 2/3
Proud to share, I've been selected as Vice Chair US
@Faster_Payments
council for Cross Border Payments 🇺🇸
Investigating
#CBDCs
and the best in class technologies to make them possible.
Some big industry players, including
#Ripple
involved - more to come.
10/ Back to Ripple…I’m incredibly proud of the RN team as RippleNet continues to hit new milestones. In 2021, we previewed new alpha products like Liquidity Hub and RippleNet hit 1 billion in monthly volume. We’ve gone from 3 to 25+ payout markets for XRP-powered payments today.
6/ These markets collectively represent ~62% of the $700B/year global remittance market and ~86% of the $6T/day global FX market (which includes treasury / corporate FX cross-border payments)
“I hope that crypto [is] at a point where folks have more choice… and can potentially safeguard their assets,”
@Ripple
's
@ashgoblue
says. In the event of a financial meltdown or government insolvency, “if you use decentralized technology, I think that it’s safer.”
#YFCrypto
SWIFT is one part of the equation here – banning some Russian banks from using SWIFT does complicate matters, but let’s not forget that Russia has had ample time to prepare, setting up direct banking relationships in Asia and elsewhere to get around correspondents.
Keep in mind that using digital assets is one* component of the ODL solution. 1/ Our team has built expertise in markets against super hard fiat destination currencies (PHP, MXN, etc) - we solved the challenges w/ liquidity to ramp up hundreds of customers over the years.
5/ ODL can enable payouts in 25 payout markets today including new regions like Singapore, Malaysia, Poland, Indonesia, Thailand and more (up from 3 markets in 2020)
4/ Global growth remains strong w/ improved product functionality (such as the ability for payments to continue processing even if an ODL exchange partner happens to go down)! APAC is one of the biggest contributors of ODL dollar volume - totaling over $1B in Q1 alone.
With RippleNet,
@PNCBank
customers will be able to receive their cross-border payments instantly, instead of waiting days. We’re changing the way money moves.
.
@PNCBank
has joined the 100+ financial institutions on RippleNet. It’s one of the first major U.S. banks to use
#blockchain
tech to streamline payments into and out of the country.
ODL solves a real problem for consumers left behind by traditional financial services, providing them with a low cost, fast, transparent and secure option. Regulatory clarity will come as govts understand the value in this tech for financial inclusion and instant settlement. 1/2
Today, we’re announcing that Ripple and MGI have together decided to wind down our current partnership agreement, and are both committed to revisiting it in the future. See our full statement: 1/2
Congrats
@Bitso
! Can’t believe it’s only been 6 years since we first met. From a 4 person operation then to over 200 employees today - proud that
@Ripple
is an investor and we’re working together to enable XRP-powered remittances from US to Mexico.
JUST IN: Latin American bitcoin exchange
@Bitso
has raised a whopping $62 million funding round, the largest in the region for a digital asset firm.
@IanAllison123
reports
Blockchain isn’t just a technology with potential, it’s actually being used. For
@Ripple
, our On-Demand Liquidity (ODL) product using XRP as a bridge currency accounts for nearly a fifth of all transactions on RippleNet. (6/7)
Crypto will underpin our global financial systems - there’s no doubt about it. In the 90s we saw smart and thoughtful bipartisan regulation when it came to the internet - it completely changed the world and paved the way for the tech giants of today 1/2
4/ 2013 – Within a few weeks of joining, Stripe tried to acquire us. Ultimately the deal fell apart shortly after this dinner at El Tepa Taqueria in SF, but who knows what crypto would look like today if Stripe had gotten into the industry in 2013.
Nothing inspires our teams at Ripple than more customers building and expanding their business using Ripple products! Excited to further accelerate this in 2019!
200+ financial institutions are leveraging RippleNet to make international payments faster, lower cost and more transparent. Learn more about our newest RippleNet customers here:
2/ In the past few days, I’ve had the chance to reflect on where we’ve come from and how much we’ve accomplished both as Ripple, and as an industry through some memorable moments and launches over the years.
I’ve said it before and I’ll say it again,
#blockchain
isn’t just a technology with potential, it’s actually being used. Find out how we’re bringing faster, more cost-effective and transparent payments to marketplaces 👇
We’re thrilled to partner with
@LemonWay
. Learn how Lemonway is using
#RippleNet
to build differentiated value propositions with significantly faster payouts for marketplaces.
I just launched
#BUIDL
a product focused monthly newsletter to look at the most interesting projects built on a
#blockchain
. Check out my medium post and sign up!
2/ Fiat on and off ramps are no simple task - finding and integrating reliable receivers for payouts who want to work with crypto is very difficult. We have 20+ ODL markets open and are continuing to push on this lead. We're also building redundancy in core markets.
Seen some Qs lately on stablecoins vs cryptocurrencies (BTC, ETH, XRP). First and foremost: it’s very clear that these technologies are complementary, not competitive. It boils down to these points for me 👇🏾
More institutional adoption of crypto = bringing real-world, non-speculative use cases like payments, real estate, equities, gaming, etc + new liquidity venues + lower volatility. Next few years are going to be absolutely pivotal for crypto’s integration into our global economy.