San Francisco-based blockchain firm, Ripple, announced its first On-Demand Liquidity (ODL) customers in France and Sweden.
According to the company, the European market is ripe for disruption with RippleNet-powered ODL. The main aim of the partnerships is to facilitate real-time payments across borders utilizing by Ripple’s financial technology – RippleNet – across the two regions.
Ripple’s New Partners in France and Sweden
As part of the deal in France, Ripple inked a partnership with Lemonway, a Paris-based payment provider for online marketplaces, which will involve the latter leveraging RippleNet’s ODL to enhance its treasury payments processes.
According to the official blog post, Lemonway is expected to eliminate the need to pre-fund accounts abroad, thereby allowing them to use previously trapped pre-funded capital to grow and ramp up their business.
For its second ODL customer Sweden, Ripple has partnered with the local money transfer provider Xbaht, which enables money movement between Thailand and the Scandinavian country. In this collaboration, the blockchain company will offer instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.
Xbaht’s Chief Executive Officer Michael Andersen believes the new deal will help streamline the process for its customers sending remittances between the two countries by making it faster and more reliable while lowering the cost.
Sendi Young, Ripple’s Managing Director of Europe, said in a statement,
“Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases. This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost.”
Ripple ODL’s Growth Trajectory
The payments firm’s announcement comes as its legal tussle with the SEC continues. Even as the market struggles to recover from the tragic effects of the tumults, Ripple maintained that its client list has been growing and scaling their businesses with the help of ODL.
The company claimed that RippleNet’s annualized payment volume run rate is above $15 billion. As of Q2 2022, ODL grew over nine times year-on-year (YoY). Since going live, RippleNet has processed millions of transactions worth billions of dollars.
The ODL service facilitates payouts in 25 payout markets, including Poland, Malaysia, Singapore, Thailand, and Indonesia. In addition to Lemonway and Xbaht, other companies such as FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl, and SBI Remit are also using ODL for their business and customers.