In a recent blog post, San Francisco-based Ripple said it had signed its first collaborations in Europe, Sweden and France, giving users in both nations access to ODL.
What is Ripple ODL?
ODL stands for On-Demand Liquidity. It is a Ripple service that enables instant settlement of payments and eliminates the need for pre-funded destination accounts, thus offering top-notch payments in markets around the world.
French fintech Lemonway is Ripple’s new partner.
Blockchain giant Ripple has signed two new collaborations. Based in Paris, Lemonway is its first partner in France. Online marketplaces offer payment services.
The ODL system, which relies on the XRP currency for fast and inexpensive blockchain-based transactions, will now be implemented by the payment platform and linked to the Ripple network.
This collaboration has occurred as France fully embraces blockchain and cryptocurrency technologies. Lemonway’s pre-funded accounts in other nations will be eliminated through cooperation with Ripple. Money used for pre-funding in the past will now be used to improve and grow the company’s operations in France.
Ripple’s partner in Sweden, Xbaht, allows monetary transactions between Sweden and Thailand. With the help of Tranglo, a Singapore-based cross-border payments centre, Xbant can provide fast and affordable remittances using ODL.
Sendi Young, Ripple’s managing director for Europe, said these new partnerships would help Ripple carry out the work it has been doing since its founding in 2012, namely developing practical applications for cryptocurrencies and DLT. These technologies will now be used in two major European nations, thanks to Lemonway and Xbaht.
In Europe, Ripple’s ODL demand
According to Ripple’s recent New Value study, 70% of respondents working for European financial institutions believe DLT will significantly impact financial markets and related services in the coming years. 59% of respondents indicate that they are enthusiastic about using blockchain technology to make payments.
That’s where Ripple comes in, which provides its services through ODL and RippleNet. The company’s business has rapidly expanded worldwide, and Ripple’s customers have developed and grown their businesses using ODL.
According to Ripple, more than $15 billion in payments are made each year through ODL.