Ripple, a San Francisco-based digital currency start-up, recorded $11.06 billion worth of transactions in the second quarter of 2017 as 25 new exchanges listed its token, XRP.
XRP finished the quarter priced at $0.263, up by 1,159 percent from the previous quarter and 3,977 percent higher year-to-date. It is currently listed on 30 exchanges.
The currency from the five-year-old company boasts the third-largest market capitalization in the space — behind and ether.
XRP, unlike Ethereum and Bitcoin, is owned largely by Ripple. The company has released plans in May to structure the sale of its currency, and that announcement was instrumental to driving up interest in the second quarter, according to Miguel Vias, Ripple's head of XRP markets.
"With respect to XRP, we are incredibly focused on international payments, I think we are probably the only digital asset that has a clear use case with respect to what we are trying to do with the asset," he said.
As for the future, Vias hinted that new announcements may be forthcoming.
"With respect to growth and outreach, we will continue to partner with digital asset exchanges for listings and mostly importantly ... it is really all about payments and in this quarter, you will see some very interesting developments with respect to our partnership in payments, with respect to XRP in particular," Vias told CNBC.
Despite volatility in the cryptocurrency market and some analysts expressing concern about a potential split in bitcoin, Vias said he is optimistic about the future for both Ripple and its competitors.
"What we have seen is an embracing of digital assets broadly by really established institutions. When you have folks like the [Bank of England], which did a [proof of concept] with us, as well as the Bank of Japan coming out and saying, we are considering this as legal tender at some point — when you see those developments, you can't help but feel that we are on the right path, that interest is going to continue to grow," Vias said.
Correction: This article has been updated to reflect that Ripple saw $11.06 billion worth of transactions in the second quarter of 2017.