Sales of XRP fell by 54% compared to the first quarter of this year, but the customer base of Ripple continued to grow. The report states that for the second quarter of 2018, coins were sold for $ 75.5 million, and in the first quarter – $ 167.7 million. However, direct sales of XRP II amounted to $ 16.87 million, which is $ 270,000 more than in the first quarter . At the same time, sales by third-party companies fell by 62% to $ 56.66 million.
“Most digital assets showed a decline in trading volume, which shows a dependence between cryptocurrencies. This correlation indicates that the market is at the initial stage of its development. When the industry becomes more mature, the division of the cryptocurrency will be more clear, “Ripple said.
The report also sates that 3 billion XRP tokens were issued from the escrow storage and 2.7 billion were returned back.
The company notes that, despite the fall in the price of XRP, the quarter was successful.
“This underlines the independence of XRP from Ripple,” the report said.
That lower volume notwithstanding, a number of the largest firms in finance made a series of announcements about moving into the space:
- Goldman Sachs announced plans to start a digital asset trading desk.
- JP Morgan named a head of “crypto-asset strategy.”
- Nasdaq’s CEO Adena Friedman said it would consider becoming a crypto exchange.
- Fidelity said it was building a digital asset exchange
- Nomura became the first bank to offer custody services for digital assets.
These announcements are nascent efforts but seem to indicate widespread interest in digital assets from the largest names in finance. However, it’s important to note that these are announcements — they have yet to lead to meaningful institutional crypto trading. Nevertheless, it’s clear that financial institutions are beginning to build crypto divisions and establish technological solutions to take advantage of the opportunity at hand.