Ripple’s Swell 2019 has begun in Singapore, and the news coming from the convention seems to be exciting, to say the least. CEO Brad Garlinghouse revealed that RippleNet has crossed over 300 clients, almost entirely from the financial sector. The ongoing event is attended by various leaders from the crypto, blockchain, and representatives of NBFCs and BFSIs.
One of the invited leaders from the banking sector is Interbank’s Peruvian Head of Emerging Technologies, Joisie Mantilla, who spoke about the benefits RippleNet and ODL have for the banking and finance industry. As per a tweet from Ripple, Mantilla said,
We want to improve banking technology and give underserved people an opportunity to change their relationship with banks. It will change an entire generation.
“We want to improve banking technology and give underserved people an opportunity to change their relationship with banks. It will change an entire generation.” Joisie Mantilla, @interbank, shares how #ODL will help expand the bank’s services to customers in Peru. #SwellbyRipple pic.twitter.com/ShcGz73Zi9
— Ripple (@Ripple) November 7, 2019
ODL, or On-demand Liquidity, has become an important aspect for the financial sectors, especially in emerging markets, like South America and Africa. It allows businesses in these regions to never be short of cash, by tokenizing their assets and letting them convert it into the money they need.
Apart from this, RippleNet plays a major role in affordable money transfers globally, which helps small and mid-sized to compete in the global markets. This has led to the increase in the activities on the Ripple platform, and to get an understanding, Ripple executed more transactions in October than it did in the entire 2018, which is nothing short of mind-blowing. Elaborating on the progress at Swell 2019, CEO Garlinghouse said,
This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet and adoption of On-Demand Liquidity. In just a year since we launched ODL, we are already making an impact on the bottom line for our customers. We’re excited to continue this momentum into next year and for the expansion of ODL into new markets.