The Ripple Drop: Digital Acceleration, Developer Communities and U.S. Policy
In this first Ripple Drop for 2021, we explore the power of RippleNet to transform businesses, how RippleX is contributing to the XRPL community and the latest on U.S. crypto regulations.
Digital Acceleration in Pandemic Drives RippleNet Growth
Asheesh Birla, General Manager of RippleNet, stopped by to provide an update on the global growth of RippleNet over the past year. In 2020 alone, over three million transactions crossed the network, with Southeast Asia leading the charge. He says 2021 is already off to a roaring start, particularly across the Middle East and Latin America.
Asheesh attributes much of this explosive growth to the acceleration of digital transformation due to the pandemic. Over the past year, RippleNet’s On-Demand Liquidity (ODL) service helped many customers navigate a COVID cash crunch while enabling others to grow and transform their businesses.
Based on customer demand, he sees tremendous opportunity ahead for RippleNet to offer credit lines and to enable CFOs and Treasury teams to move money instantly around the world 365/24/7 through ODL.
“The digital acceleration caused by COVID is only going to continue in a post-COVID world, and RippleNet is going to be the technology to help you expand even further,” Asheesh says.
Empowering Developers to Build the Internet of Value
RippleX General Manager Monica Long shares why she’s so excited about the team’s progress inspiring and enabling the global community of XRP developers to build the Internet of Value.
Monica says the focus for 2021 is on contributing, with the broader XRPL developer community, to a fantastic building experience for developers, and on supporting developers with new programs, demonstrating real-world use cases for XRPL, and introducing key infrastructure elements that promote liquidity and help developer ideas come to life.
She also highlights a number of exciting new community projects using the ledger, including a non-custodial wallet, an XRP toolkit, and an NFT art gallery.
“NFTs are obviously a very big deal in crypto, and I think there is a lot of opportunity for developers to sink their teeth into NFT use cases on XRPL,” Monica says.
Lack of Crypto Regulatory Framework in U.S. Stifles Innovation
Stuart Alderoty, Ripple’s General Counsel, returns to give an update on crypto regulation in the United States. He is concerned that America’s regulation by enforcement strategy is already driving innovators away to countries like Japan, Singapore, the UK, and Switzerland that have established a clear regulatory framework for crypto.
Stuart suggests that by issuing lawsuits rather than providing structure and transparent rules, the U.S. is creating uncertainty that hurts markets and consumers while hampering the drive for innovative new approaches to cross border payments, financial inclusion, and more.
He likens it to driving on the highway without knowing the rules. Posted speed limits and clear guidance allow everyone to travel freely without fear of arbitrary enforcement.
Stuart argues that America would benefit from regulatory clarity: “What we are talking about here when we talk about blockchain and crypto is innovation – a new infrastructure that can improve people’s lives.”
To learn more about new use cases for ODL, Monica’s plans for supporting XRPL developers, or how the U.S. can retain its hold on crypto innovation, check out the latest episode of The Ripple Drop.