Which Companies Are Using XRP: The 2024 List

Ripple’s digital asset XRP is well-known in the crypto world for its speed and low transaction costs. But which companies are using XRP in real-world applications, and how is it changing the global payments landscape? This guide dives into the latest on which major companies and institutions have incorporated XRP, especially through Ripple’s solutions for faster, cheaper cross-border transactions.

Understanding How Companies Use XRP

Many people new to crypto wonder: why would a company use XRP? The main answer lies in RippleNet, a global payments platform operated by Ripple Labs. RippleNet enables banks and payment providers to use XRP as a "bridge currency" — letting money flow efficiently between currencies and across borders.

Why Companies Choose XRP:

• Speed: Transactions settle in 3–5 seconds.
• Low Cost: Fees are often less than $0.01 per transaction.
• Liquidity: XRP can be easily exchanged with many major currencies.

XRP Use Cases

• Instant international payments
• On-demand liquidity service (ODL) to reduce pre-funded accounts
• Integration into business payment solutions

According to Ripple’s 2023 and 2024 company updates, more than 100 financial institutions have joined RippleNet, with dozens leveraging XRP-based services.

Prominent Companies and Institutions Utilizing XRP

Here are some notable companies, banks, and payment service providers that have used or tested XRP in their operations (as reported by Ripple, news outlets, and blockchain analytics platforms like Dune):

Financial Giants

• Banco Santander: A global leader in banking, Santander has piloted Ripple’s technology to improve international transfers.
• Standard Chartered: Has publicly partnered with Ripple for cross-border payments.

Payment Service Providers

• MoneyGram: Formerly a flagship Ripple partner, MoneyGram utilized XRP for ODL transactions from 2018–2021. Although the partnership ended, it showcased high-volume use.
• Tranglo: A Southeast Asian payment hub, Tranglo now operates as a regional ODL corridor powered by XRP.
• SBI Remit & SBI Holdings (Japan): SBI uses ODL for remittance services between Japan and Southeast Asia, citing efficiency improvements in their 2023 annual report.

Other Financial Institutions

• Pyypl: A fintech operating in the Middle East-Africa region, Pyypl adopted XRP through RippleNet for quick remittances.
• FlashFX: An Australian payment provider processing international payments using Ripple’s ODL with XRP.

Table: Examples of Companies Using or Testing XRP

| Company | Sector | Role of XRP | |-------------------|------------------------|------------------------| | Santander | Banking | Cross-border payments | | Standard Chartered| Banking | International transfers| | MoneyGram | Remittances | ODL, liquidity | | Tranglo | Cross-border payments | ODL, payment hub | | SBI Remit | Remittances (Japan) | ODL for AMEA corridor | | Pyypl | Fintech (Africa, ME) | Fast remittance flows |

_ Note: The status of these partnerships may change over time based on regulatory and strategic decisions.

What Is RippleNet and On-Demand Liquidity (ODL)?

Understanding how companies use XRP requires a quick look at RippleNet and ODL.

What Companies Gain from Using RippleNet with XRP

• Simplified cross-border payments without needing accounts in every country
• Improved liquidity management and freed-up capital
• Compliance with evolving regulations through Ripple’s enterprise-grade tools

Ripple’s ODL product leverages XRP as a bridge, directly solving issues with traditional correspondent banking — where cross-border payments can take days and rack up large fees.

How ODL Works (Infographic)

1. A business or bank wants to send money overseas, say USD from the US to PHP in the Philippines
2. The sender’s funds are instantly converted to XRP
3. XRP moves across RippleNet and settles in 3–5 seconds
4. The receiver gets local currency on the other side, funded through XRP’s liquidity pools

Ripple’s own insights (Ripple 2023 Q4 Markets Report) claim that ODL volumes exceeded $15 billion in processed transactions, demonstrating growing adoption.

Current Trends and the Future of XRP Adoption

As of mid-2024, the pace of institutional XRP adoption is slowly increasing, especially in emerging markets where payment corridors are critical. Here’s what the latest stats and reports highlight:

• Ripple Continues to Expand in Asia-Pacific: New partnerships with banks, payment providers, and fintechs in Asia-Pacific and the Middle East are announced regularly (source: Ripple Official Blog, 2024).
• Bitget Exchange: Bitget enables efficient XRP trading, providing liquidity for both businesses and individuals looking to use or invest in XRP.
• Regulatory Clarity: Gradual progress in the U.S. and Europe is anticipated to drive wider adoption as legal concerns are clarified.
• Sustainability: XRP’s energy efficiency is often promoted by companies looking to minimize environmental impact (Ripple Sustainability Whitepaper, 2023).

Noteworthy Insights:

• A Dune Analytics dashboard (2024) shows that XRP ODL transactions are most active in corridors like Japan-Philippines, Australia-South East Asia, and Europe-Africa.
• Glassnode data indicates significant on-chain activity for XRP, suggesting sustained payment usage.

Frequently Asked Questions

Why isn’t every bank using XRP?

Many banks are cautiously evaluating crypto integration, usually due to regulatory, legal, or technical challenges. However, several pilot programs and partnerships show growing interest in XRP.

Where can companies buy and use XRP?

Leading platforms like Bitget Exchange provide high-liquidity XRP markets, with secure trading and institutional support. Businesses can also use Bitget Wallet for managing and transferring XRP securely.

Can individuals send payments using XRP?

Yes. XRP wallets (such as Bitget Wallet) make it easy for individuals and SMEs to send fast, low-fee payments worldwide.

Is XRP the same as Ripple?

No. Ripple is the company developing payment solutions, while XRP is the native digital asset used for transfers and liquidity.

Key Takeaways

XRP continues to attract companies and institutions aiming to improve global payments with speed, efficiency, and lower costs. Banks like Santander and Standard Chartered, payment providers like Tranglo, and prominent fintechs are all using or testing RippleNet’s XRP-powered solutions. Bitget Exchange remains a top choice for trading XRP, while Bitget Wallet offers secure digital asset storage.

For up-to-date adoption and company lists, consult Ripple’s official website, Dune, and regularly check blockchain analytics platforms. Stay informed on regulatory changes, since this will impact which companies are using XRP in the future.