While speaking in a virtual meeting, Ripple CEO Brand Garlinghouse noted that his company had "strong momentum" in the first quarter.
In particular, the RippleNet network, which includes more than 300 financial institutions worldwide, experienced an 85 percent increase in transaction volume between the fourth quarter of 2019 and the first quarter of 2020.
Ripple's liquidity-on-demand (ODL) product, which allows cross-border payments without pre-financing, grew 190 percent over the same time period.
(embed) https://www.youtube.com/watch?v=5dW1S9oKGWU (/ embed)
Ripple slows down its hiring wave
Garlinghosue predicts the degradation of fiat currencies, reminding the Weimar Republic that it was printing mass money during the hyperinflation period in 1921 to 1923, with people loading wheelbarrows to buy a loaf of bread.
While he doesn't have such a bleak outlook for the US dollar, he also doesn't expect the pandemic-fueled crisis to go away quickly.
So far, Ripple has successfully weathered the storm, but Garlinghosue says the company will be "much more thoughtful" about hiring.
It is expected to have a team of 575 people by the end of the year (while the initial forecast was 560 employees).
XRP as a payment solution
Speaking of XRP, Garlinghouse claims that cryptocurrency is significantly more sustainable for payments compared to Bitcoin and Ethereum due to their high transaction speed and low power consumption:
"We will continue to focus on how we use XRP as a truly effective tool for payments."
The Ripple chief also notes that central banks are actively working in the integration of digital payments, what he describes as a "good trend".
While many high-profile banks like Santander and PNC trust Ripple's software for frictionless payments, they don't use XRP for payments.