XRP has helped drive more sustainable growth for Australia’s largest exchange, BTC Markets
During the 18 years when the ICO rapidly expanded the digital asset market, BTC Markets grew as rapidly as most crypto exchanges. Although this bubble burst soon, 18 years was also the year that BTC Markets introduced XRP at the exchange. XRP, which creates liquidity for faster and cheaper international payments, has helped Australia’s largest exchanges drive more sustainable growth.
BTC Markets drives sustainable growth of exchange with XRP
CEO of BTC Markets, Caroline Bowler said:
“XRP has created a business-driven trading volume on our exchange. Companies are using the asset to make more effective cross-border payments. This use case is a real differentiator to other digital assets.”
“People were very excited and enthusiastic about what blockchain technology could do, but very quickly the perception became that these assets weren’t solving any real-world problems or offering any intrinsic value.”
CEO of BTC Markets, Caroline Bowler
XRP is an example of an exceptional asset with a reliable utility that helps people overcome the problems of international payments such as high fees and multi-day payment periods.
“Most people recognize the problems with cross-border payments; especially in Australia where businesses often need to pay suppliers based outside the country. Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech.”
Australia is a particularly promising place for BTC Markets to continue to grow. According to a 2018 survey, 13.5% of the Australian population owns digital assets. In response to this interest, the Australian government recently launched a national blockchain roadmap. However, the country’s traditional institutions need more than a five-year plan, as the conclusions of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which were made public in Feb 2019.
BTC Markets business model focuses on facilitating the trader asset movement by building liquidity, so the company strongly supports the ODL (On-Demand Liquidity) provided by XRP. The company believes this asset will continue to drive sustainable growth for its business.
“The amazing thing about ODL,” concluded Bowler, “is that businesses using XRP for faster and cheaper cross-border payments are driving volume through our exchange, which is unique in the crypto markets. It fits with our business model seamlessly and gives us a huge competitive advantage.”
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