The community believed that Ripple’s current dispute with the US Securities and Exchange Commission [SEC] would harm the platform. However, the conversation seemed to move forward when a number of developments were introduced.
As its investment partner, Tranglo, creates a new payment corridor to the United Arab Emirates, Ripple’s remittance technology is expanding there. Tranglo, in the blog post, stated,
“This latest offering is part of Tranglo’s Middle East expansion programme, which focuses on infrastructural investment and network building to add supplementary channels with huge growth potential.”
The move is significant since the Arab Gulf continues to be a crucial location for the cross-border payments business. The UAE is one of the top senders and recipients of remittances globally and has the second largest economy in the Arab Gulf.
Following the success of its test ODL deployment in September 2021, with 250,000 transactions totaling $48 million processed in the first 100 days, Tranglo activated the crypto platform’s On-Demand Liquidity (ODL) service for all of its payment corridors in March.
Users can instantly transfer money across borders with the SEC-troubled firm’s ODL service, which uses XRP, at extremely low settlement costs, without having to hold prefunded capital in the target market.
To expand RippleNet and the ODL service, the crypto firm bought a 40% share in Tranglo in 2021. In all of its publications, Tranglo openly brazenly acknowledges its connection with the SEC- troubled firm and claims to provide improved cross-border payout services with an even larger coverage through RippleNet, the crypto firm’s global payment network.
More traction to Ripple’s ODL
As more multinational companies now use the service to make payments, Ripple’s ODL is gaining popularity. The firm announced that Travelex Bank, the first bank in Latin America to use ODL, would be the launch partner for RippleNet’s On-Demand Liquidity (ODL) in Brazil.
On-Demand Liquidity [ODL], the company’s most well-liked service, has had success throughout the world. In July, the crypto firm also teamed up with renowned payments firm Fomo Pay, based in Singapore. By adopting the firm’s ODL, Fomo Pay intends to enhance its global treasury flows through cooperation. Ripple has now teamed up with Travelex Bank.