Kriptokoin.com, a senior executive at San Francisco based firm Ripple announced the goal of expanding the ODL (XRP-based payment solution) remittance corridors to APAC and EMEA.
Ripple plans to grow by opening new corridors to APAC and EMEA!
Traditional nostro/vostro systems require pre-financing before sending money across borders. Ripple created the payment solution called “discretionary liquidity (ODL)”, which leveraged the XRP cryptocurrency to transfer money quickly and at low costs without the need for pre-funded accounts. This undeniably makes the lives of customers and financial institutions easier by making the processing of cross-border payments seamless.
Ripple has already established four payment corridors that benefit from high volume transactions. Now, according to Marcus Treacher, Ripple’s senior vice president for customer success, the Blockchain startup is trying to build new ODL corridors to Asia-Pacific and also Europe, the Middle East and Africa during this year. In a newly published interview, Marcus Treacher said:
“WE ARE FOCUSED ON EXPANDING OUR DISCRETIONARY LIQUIDITY SERVICE, WHICH USES XRP AS A BRIDGING CURRENCY BETWEEN TWO FIAT CURRENCIES. THIS MARKS THE FIRST TIME DIGITAL ASSETS HAVE BEEN USED IN PRODUCTION FOR A BUSINESS USE CASE. WE HAVE SET UP ON-DEMAND LIQUIDITY CORRIDORS TO MEXICO, THE PHILIPPINES, AUSTRALIA AND EUROPE, AND WE HOPE TO FURTHER THIS EXPANSION BY OPENING CORRIDORS TO APAC AND EMEA THIS YEAR.”
Marcus Treacher: Ripple also makes several contributions to the cryptocurrency industry
According to Marcus Treacher, Ripple also makes a variety of contributions to the cryptocurrency industry and to clients around the world. For example, Marcus Treacher explains that fintech is working with traditional financial systems to accelerate innovation that will give customers a faster and more comfortable experience. It notes that through a partnership between Ripple and Banco Santander, the duo is developing a Blockchain-based mobile app that offers fast international payments. Marcus Treacher addressed the issue, saying:
THE APP HAS COMPLETELY OVERHAULED THE PROCESS, WHERE A CUSTOMER MUST VISIT A BRANCH, FILL OUT FORMS AND WAIT DAYS FOR THE RECIPIENT TO RECEIVE THE MONEY. NOW THE BANK USES RIPPLENET TO OFFER SAME-DAY INTERNATIONAL PAYMENTS WITH AN EASY MOBILE EXPERIENCE.
The Analyst, Who Predicted $8,000 In Bitcoin, Explained The Investment Levels For Ripple!
Brenda Ngari: Showtime for XRP may be nearing
As for the obstacles that the crypto field is currently facing, Marcus Treacher cites the lack of regulatory clarity as one of them. Currently, national currencies such as the dollar or the pound have extensive rules and regulations that determine how these assets are handled. Most countries, however, are reluctant to develop the same for fledgling cryptocurrencies. Marcus Treacher notes that Ripple played a role in shaping the future of crypto as the first Blockchain-focused company to join global regulatory bodies such as ISO 20022.
Despite these efforts, however, Ripple is also constantly criticized for a variety of reasons. Some crypto watchers claim that Ripple still controls the XRP and deliberately hinders the growth of the cryptocurrency with the XRP it constantly empties into the market. The company is also facing several class-action lawsuits alleging that it sold XRP as an unregistered securities. But according to cryptocurrency expert Brenda Ngari, recent developments may signal that a Showtime for XRP is nearing.
