Ripplethe blockchain-based payments company that issued the XRP token, has announcement the conclusion of a first partnership in France with lemonway, a payment provider for online marketplaces. Another partnership was signed with xbaht, a Swedish money transfer platform between Sweden and Thailand. These two partnerships will allow the companies concerned to have access to one of Ripple’s most popular products, the on-demand liquidity service (On demand liquidityODL).
Liquidity on demand, one of Ripple’s main assets
International payments, especially in emerging markets, require businesses to hold pre-funded accounts in destination currencies. This is a costly activity that mobilizes significant resources. Ripple offers an alternative through its network RippleNet and the On-Demand Liquidity service. ODL enables RippleNet customers to use XRP which acts as a bridge between two currencies in seconds, ensuring that payments are quickly sent and received in the local currency on either side of the transaction. Companies can thus free up capital to grow and expand their businesses, as spokespersons for Lemonway and XBaht pointed out:
“By using Ripple’s ODL service to strengthen Lemonway’s treasury operations, we look forward to bringing significant benefits to our business, the positive impact of which will then trickle down to our customers. Ripple’s solution gives us greater flexibility when we make payments to our partners, freeing ourselves from the traditional banking cycle and improving operational efficiency (…),” said Jeremy RicordeauCOO of Lemonway.
On his side, Michael AndersonManaging Director of Xbaht, commented:
“Xbaht was founded to make money transfer easier for Thais living in Sweden. Like Ripple, we believe international payments should be fast and transparent. That’s why we’re excited to establish our new partnership in order to streamlining the process (…), making it faster and more reliable, and reducing its cost”.
Despite the crisis, Ripple is doing well
The new partnership between Ripple and Lemonway comes at a time when France seems to want to position itself at the forefront of exploiting the potential of blockchain and crypto technology. Furthermore, the demand for Ripple’s products in Europe remains extremely strong. According the study NewValue conducted by the firm, 70% of respondents at financial institutions in Europe believe that blockchain will have a significant impact on their business in the next five years, while 59% of respondents are interested in using blockchain to payments.
The bear market does not seem to affect Ripple’s expansion strategy which continues to multiply partnerships around the world. ODL is present in Latin America thanks to a collaboration with Travelex Bank and Ripple recently opened its first subsidiary in the city of Toronto, Canada. It also appears that the blockchain company is interested in the assets put up for sale as part of the crypto lending platform’s bankruptcy process, Celsius Network. XRP is trading at the time of writing around USD 0.4927, down 4.7% in the last 24 hours but up 6.5% in one week.
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