In the third quarter of 2020, Fintech-Ripple bought its own XRP tokens for $45.55 million for the first time, as reported in the XRP market report.
According to the statement, Ripple may continue buying in the future to maintain „healthy markets“. The token purchases made during the quarter have been described by the company as a „short-term solution“ for the beta version of the Line of Credit service.
Launched in the second quarter, the program enables customers of On-Demand Liquidity (ODL) payment solution based on RippleNet to receive loans in XRP.
In some cases, digital assets for Line of Credit users come from company accounts rather than exchanges, Ripple said. In the long term, the company is developing solutions for clients to receive liquidity in XRP only from open markets.
Total ODL-related token sales by the company for the third quarter were $81.39 million, less redeemed coins of $35.84 million, slightly more than the previous period of $32.55 million.
The company noted that, as in previous quarters, it did not conduct exchange sales.
Recall that in the second quarter of this year Ripple sharply increased XRP sales – 18 times more than in the previous quarter.