Amid the regulatory uncertainty, Ripple’s customer list is accelerating at a constant speed. The firm disclosed that it had confirmed new customer contracts at the pace of two per week.
Ripple’s CEO Brad Garlinghouse stated, “2020 was a banner year for Ripple, despite a disappointing ending related to U.S. regulation (understatement?). We processed millions of RippleNet [transactions], grew [on-demand liquidity] 12x [year-over-year] and signed 15 new customers after the SEC complaint.”
According to a recent letter, an ever-growing demand for digital payment services in Asia Pacific is driving the adoption of RippleNet. “The number of deals signed in 2020 was up 80% year over year, and there was a 1,700% growth in transactions,” added in the letter.
Despite the enforcement action, Ripple kept hiring new staff and executives and was “fortunate to be able to continue hiring every quarter in 2020.” Garlinghouse noted, “We added top talent to our leadership team with strong backgrounds from Apple, PayPal, Amazon, Tesla, and Twitter.”
XRP Plummeted after SEC Lawsuit
Since the SEC filed a lawsuit against Ripple for raised unregistered securities offerings of almost $1.3 billion, XRP has taken a sharp downturn.
As per the analysis, XRP’s market cap has dropped by roughly 63%. Moreover, several crypto exchanges have suspended XRP deposit and withdrawal services. Meanwhile, Ripple is trying to negotiate with the SEC in order to settle the matter, as disclosed by Ripple CEO Brad Garlinghouse.