- XRP has surpassed the volume of cross-border payments in Australia with BTC and ETH.
- Management of 82% of the international reserve on the independent reserve and 62% of the BTC markets.
- BTC Markets is Ripples’ ODL partner in the country.
Exciting news comes from the Australian crypto arena, as the cryptocurrency specializing in cross-border payments Ripple is dominating trading volumes on some of Australia’s major exchanges. International payments have emerged as a primary use case in the Southern digital access market.
Ripple Inc issued a cryptocurrency for international remittances with the XRP token. in the last 24 hours; the token managed 82% of all cash volume on the independent reserve exchange and 62% on the Melbourne-based BTC markets.
When its volume is compared to the rest of the world, XRP sits at less than 1% on major international exchanges, with major volume dominated by Bitcoin and Ethereum.
BTC Markets CEO Caroline Bowler said that Ripple was able to dominate trading volume because BTC Markets was Ripple’s on-demand liquidity (ODL) partner in the country.
“Indeed, ODL helps companies manage cross-border payments without the need for corresponding bank charges and pre-funding.” – Mrs. Bowler.
XRP is used here to facilitate part of the process; thus, the resulting trade volumes were higher. XRP gets a larger percentage on the platform, which further adds to the cause, although overall market volumes have remained flat. Nearly $10.2 million in trades have taken place in the past 24 hours on the independent reserve, a figure higher than the combined number for some time.
Ripple vs. SEC
This highly publicized case has been going on for 2 years, and the outcome will surely have an impact on the whole crypto industry. As the case would specify, the terminology of all cryptocurrencies will be treated as titles. The main reason for this rise is the market for value and crypto orders.
Australia and cryptocurrency
A crypto exchange in Australia must be registered with AUSTRAC, an international money laundering regulator, know your customers (KYC) and anti-money laundering (AML) obligations, and report all suspicious transactions.
Australian banks refused banking services from Aus Merchant, Bitcoin Babe and others crypto money transfer business. The reason is considered an unsatisfactory scenario by the Bank as it is difficult to identify the ultimate beneficiary even though the trades are registered with AUSTRAC.
Problems and cases
November 2019 saw a scandal with Westpac over money sent by citizens of the country to criminals in the Philippines. AUSTRAC claims that this case is based on the failure of banks to establish relationships with ‘correspondent banking’.
In August 2020, New Payments Platform (NPP), a payment service comprising many banks, started a legal battle accusing Ripple of copying the NPP trademark.
The court ordered that NPP would prevent Ripple from being advertised in Australia under the “payId” brand, similar to NPP. Ripple agreed to change its trademark in November 2020 reports to continue working in Australia.