Cast off – Whereas partnerships are legion between the digital economy and the real economy : Ripple announces a new one. Indeed, the promotion of a new partnership for Ripple with France and Sweden bodes well for the firm. ODL technology even seems to have a bright future ahead of it.
Ripple will rely on its partnership with French and Swedish start-ups
Ripple announced on October 11, 2022 its new partnerships with the France and the Sweden. The San Francisco-based blockchain company is ready to disrupt the European market. This is its ODL technology, On demand Liquidity, which is at the center of this new partnership for Ripple. This technology powered by the RippleNet wants to facilitate payments cross-border in real time thanks to new financial technologies.
The war between Ripple and Ethereum already seems far away as this partnership between France and Ripple has been concluded with lemonway. Lemonway is an online marketplace payments provider located in Paris. Thanks to RippleNet’s ODL, Lemonway will be able to stop using pre-funded capital in the countries it trades with.
The second partnership with Sweden concerns xbaht. This company allows the movement of money between Thailand and Scandinavian countries. Similarly, along with Lemonway, Ripple will offer retail remittances snapshots and profitable using ODL technology. They are backed by Tranglo, the Singapore-based cross-border payment hub.
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A Ripple technology reduces costs, streamlines and promotes growth
The managing director of Xbaht believes that this new agreement will allow streamline the process for its customers sending funds between the two countries. The ODL system should make these transfers more fast and more reliable by reducing costs.
Likewise for Lemonway, by recovering this cash, the company will have the opportunity to invest in New projects facilitating its expansion. Thanks to cryptocurrencies, the company will be able to improve its operational efficiency and promote its growth.
“Since our founding ten years ago, Ripple has focused on using blockchain and cryptocurrencies to build real-world use cases. That’s why we’ve become the partner of choice for companies like Lemonway and Xbaht looking to harness global crypto liquidity to eliminate traditional cross-border payment issues like slowness, unreliability and excessive costs. »
Sendi Young, Managing Director of Ripple for Europe
Growing ODL technology
This new partnership for Ripple comes as the SEC is still in arm wrestling with society. Good news since the company maintains that its client list is growing. RippleNet’s annualized payment volume would be greater than 15 billion dollars would continue to grow. Ripple would have experienced in the second quarter of 2022 an evolution of 900% of his annual payments.
The ODL, On-Demand Liquidity service facilitates payments in 25 countries, including Poland, Malaysia, Singapore, Thailand and Indonesia. Besides Lemonway and Xbaht, other companies such as FINCI, FlashFX, FOMO Pay, iRemit, Novatti, Pyypl and SBI Remit also use ODL for their activities and their clients.
ODL uses the XRP token as a bridge between different liquidities. This simply avoids the many intermediaries which may occur during cross-border payments. In addition, transfers are made in a few seconds.
Ripple therefore conquers France and Sweden via the Lemonway and Xbaht companies. These partnerships are a real advantage for these companies as they can reduce their costs and increase their efficiency, a real growth cocktail. These are also good news for Ripple, which demonstrates the economy’s interest in its ODL technology. It is also a further step towards the democratization of cryptocurrencies in the daily lives of Europeans. With this new partnership for Ripple, will the token land the moon?
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