Ripple’s On-Demand Liquidity [ODL], which is powered by XRP has teamed up with Lemonway, a payment service with headquarters in Paris, to “improve its treasury payments operations,” according to an announcement made by the company.
The blockchain payment firm also announced a second new ODL customer, it’s first in Sweden. Swedish money transfer provider Xbaht enables money movement between Sweden and Thailand.
This partnership will allow Xbaht to provide “instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.”
Likewise with Lemonway too, the deal, according to a press release from Ripple, “comes at a time when France has been showing itself to be forward-thinking when it comes to embracing the potential of crypto technology,”
This in turn will allow Lemonway to “drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad, giving them the opportunity to use previously trapped pre-funded capital to grow and scale their business.”
Ripple’s ODL Grew Roughly 9x On YoY Basis
Sendi Young, the company’s managing director for Europe, stated the following:
We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases.
Ripple’s ODL had almost 9x YoY growth due to the substantial rise in volume, and Q2 2022 was a record quarter for on-demand liquidity. The Ripple remittance technology has expanded into additional countries, including Lithuania, in addition to signing and increasing agreements.
With 25 payout markets now supported by Ripple’s ODL, including Singapore, Malaysia, Poland, Indonesia, Thailand, and more, payments can be made. Lemonway and Xbaht join FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl, SBI Remit, and other businesses in recognizing the advantages of ODL for their operations and clients.
Ripple would soon dish out more central bank digital currency [CBDC] projects in the coming weeks, as revealed by the firm’s advisor Antony Welfare handles CBDC Europe and global partnerships, TronWeekly reported.
The announcement came in response to a tweet by a crypto proponent Sentosumosaba who shared an article dated 17 June where Welfare spoke on Ripple’s progress on several CBDC pilot programs including the Royal Monetary Authority [RMA] of Bhutan and the Republic of Palau.