Popular United States-based fintech company Ripple said it purchased a large quantity of XRP coin worth $45.5 million in Q3 2020 as part of its efforts to support healthy markets.
Ripple said in its latest report that the move was made to support its Line of Credit, a service launched to provide more liquidity for XRP from the open market and not just from the company.
Line Of Credit was developed to provide funds on credit for firms that have the potential for growth but lack the required funds to implement business projects.
Despite owning nearly half of the XRP circulating supply, Ripple added that it might embark on a purchasing spree for the digital currency in subsequent quarters.
With this development, the firm hopes that the effort would boost customers’ interest in the coin, leading to an increase in its market value.
The report also included sales of XRP on Ripple’s On-Demand-Liquidity (ODL) platform, a move aimed at improving ODL customers’ experience and fostering instant cross-border payments.
Per the announcement, Ripple noted that it sold $35.84 million in XRP on the platform compared to the previous quarter, where it managed to sell $32.55 million.
Moving out of the US
Ripple, which first started in the U.S., has recently slammed the country’s stringent regulations as its CEO, Bard Garlinghouse, disclosed last month that the company is considering moving its headquarters to London.
The outcry stems from the U.S. Security and Exchange Commission (SEC) ‘s classification of XRP as a security, which tends to expose the cryptocurrency to stricter regulations.
Ripple has since maintained its stand that XRP is a commodity like Bitcoin (BTC) and not a security as claimed by the SEC.
This month, Ripple launched its regional headquarters in Dubai International Financial Centre (DIFC).
