Ripple Taps France and Sweden for ODL Expansion
San Francisco-based blockchain company Ripple announced its first On-Demand Liquidity (ODL) customers in France and Sweden.
According to the company, the European market is ripe for disruption with RippleNet-powered ODL. The main objective of the partnerships is to facilitate real-time cross-border payments using Ripple’s financial technology – RippleNet – across the two regions.
Ripple’s new partners in France and Sweden
As part of the deal in France, Ripple entered into a partnership with Lemonway, a Paris-based payments provider for online marketplaces, which will see the latter leverage RippleNet’s ODL to improve its treasury payments processes.
According to the official blog postsLemonway is expected to eliminate the need to pre-fund accounts overseas, allowing them to use previously locked up pre-funded capital to grow and scale their business.
For its second ODL customer Sweden, Ripple has partnered with local money transfer provider Xbaht, enabling money movement between Thailand and the Scandinavian country. In this collaboration, the blockchain company will offer instant and cost-effective retail transfers via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.
Xbaht CEO Michael Andersen believes the new deal will help streamline the process for its customers sending remittances between the two countries by making it faster and more reliable while lowering costs.
Sendi Young, Ripple’s CEO for Europe, said in a statement,
“Since we started ten years ago, Ripple has focused on using blockchain and crypto to build real use cases. That’s why we’ve become the preferred partner for companies like Lemonway and Xbaht that want to leverage global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability and excessive costs.”
Ripple ODL’s growth trajectory
The payments company’s announcement comes as its legal battle with the SEC continues. Even as the market struggles to recover from the tragic effects of the turmoil, Ripple claimed that its customer list has grown and scaled its operations with the help of ODL.
The company claimed that RippleNet’s annual payment volume is over $15 billion. As of Q2 2022, ODL grew more than nine times year over year. Since going live, RippleNet has processed millions of transactions worth billions of dollars.
The ODL service facilitates payouts in 25 payout markets, including Poland, Malaysia, Singapore, Thailand and Indonesia. Apart from Lemonway and Xbaht, other companies like FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl and SBI Remit are also using ODL for their companies and customers.
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