Blockchain services provider, Ripple witnessed another development in the expansion of its On-Demand Liquidity (ODL) services. It collaborated with one of the leading cross-border payment firms in Asia.
Connecting dots
Tranglo, a cross-border payment hub enabled Ripple’s ODL services across its 25 payment corridors. This would allow remittance providers to process instant cross-border payments without costly pre-funding.
The payment hub announced this decision in a Twitter post shared on 1 March.
We’re thrilled to announce today that we’ve enabled @Ripple‘s On-Demand Liquidity across all our payment corridors.
This comes after a successful pilot #ODL deployment last September which saw 250k transactions worth USD48M processed in 100 days. https://t.co/MUEUkEsYix pic.twitter.com/Qg6259Fx9l
— Tranglo (@Tranglo) February 28, 2022
The recent announcement from Tranglo came after a successful deployment of the pilot ODL in September last year. It incorporated around 250,000 transactions worth $48 million, processed in the first 100 days.
Jacky Lee, the CEO of Tranglo praised this collaboration with the flagship fintech firm. He commented:
“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming.
Remittance businesses that sign up for ODL also gain access to both Tranglo Connect and RippleNet, allowing them to better meet increasingly diverse payment needs.”
ODL transactions via Ripple’s global financial network, RippleNet originate from markets including Australia, Japan, Philippines and Singapore, with other markets to follow. In fact, a XRP Markets Report published in January 2022, RippleNet service stood out. The overall transaction count on RippleNet increased substantially during the past 12 months.
Community is happy
Different community members expressed bullish sentiments following this move. One user asked on Twitter:
DO YOU UNDERSTAND WHAT HAS JUST HAPPENED WITH #XRP
— XRP Researcher | XRP Investor | XRP BULL 🍉🍉 (@XRPNews_) March 1, 2022
Here, the tweet referred to Tranglo’s aforementioned announcement. XRP, the token was trading at the $0.77 mark with a 1% rise in 24 hours. Overall, the management along with the token had a positive start to February this year. This was both in terms of community developments as well as on the regulatory front.
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