In a significant move, Ripple partner Peersyst Technology has successfully produced the first version of the National Land Registry to list the first adjudication resolution in Colombia on the XRP ledger.
Back in July, the Barcelona-based software development firm signed a deal with the Government of Colombia to record and register land registry rights in Colombia in an effort to revamp the laborious process and speed up property transactions.
The solution which took a year to finally materialized has been implemented for Colombia’s National Land Agency “AgenciaTierras” and is based on the XRP stamp, which allows digital assets to be registered on XRPL and their authenticity to be verified with a QR code.
The solution aims to register more than 100,000 adjudications in the near term to guarantee confidence for Colombians.
Besides being a long-standing Ripple partner, Peersyst Technology was also a recipient of the Wave 2 XRPL funding for a different NFT project.
As covered by TronWeekly, Ripple has entered into collaboration with Singapore-based major payments institution FOMO Pay, to strengthen multinational treasury flows using XRP-powered On-Demand Liquidity [ODL] and achieve affordable and instant settlement in EUR and USD globally.
While XRP’s price and trading volume have been in a downturn in Q2, its On-Demand Liquidity solution kept on expanding.
Ripple’s ODL Initiative Surged 9x YOY In Q2
According to Ripple’s Q2 2022 XRP Markets report, the ODL solution has seen its volume grow 9x year-over-year in the second quarter of the year, and the blockchain payment firm has sold a total of $408.9 million worth of the token in the quarter, compared to $273.27 million in Q1.
As stated in the publication, Q2 was a “record quarter” for On-Demand Liquidity as its volume kept on increasing and its customers continued to expand the solution’s use cases beyond traditional remittances or individual payments.
The XRP Ledger itself saw a total of 114.6 million transactions worth $58.3 billion via 126.5 billion XRP in volume. Additionally, the asset’s active address and dormant tokens have tapped over year highs, a study by Santiment noted.
At press time, XRP’s value stood at $0.37, up by 3% in the last 24 hours.
