Cryptocurrency

Ripple’s ODL Witnesses Mammoth Growth and Customer Satisfaction

Ripple, the enterprise blockchain solution launched in 2012, ended its yearly conference ‘Swell’ on November 8, 2019. In the conference, Ripple announced some of their upcoming plans and the market status of their customers. Among them, there were ODL (On-demand-liquidity) customers, including Bitso, GoLance, FlashFX, and Interbank Peru, to name a few, who were leveraging Ripple’s potential benefits using their underlying blockchain technology.

Ripple had announced this innovative ODL facility only last year and within a year of its commercialization, Ripple has seen such tremendous growth and customers’ interest with more than two dozen customers, signing in to use the product. As such, there have been more than 7x the total number of ODL transactions from the end of Quarter 1 to the end of October. ODL was first launched to offer payment corridors through Mexico and the Philippines. Ripple is planning to expand the ODL corridors across LATAM, EMEA, and APAC by 2020. ODL leverages XRP, which is yet another digital asset of its kind, to act as a bridge currency to eliminate the pre-funding needs arising in the event of cross-border payments.

The satisfied clients of Ripple shared their various interesting experiences about their relationship with Ripple, and to top them was MoneyGram, one of the satisfied clients and partners of Ripple. Michael Brooks, another satisfied client and CEO of goLance, echoed a similar concern and remarked,

The freelance marketplace is growing dramatically as more companies are hiring talent, both domestic and overseas, to help grow their businesses. At goLance, we want to ensure that freelancers are paid on-time, with minimal fees. That’s why we’re partnering with Ripple. Through our partnership, goLance uses blockchain technology and XRP to address the current inefficiencies with cross-border payments by making transactions quicker, more reliable, and cheaper. By lowering the cost of sending payments, goLance can put more money into the hands of the freelancers and improve their quality of life.

Likewise, in the Swell 2019, each panelist collectively contributed their experiences of using ODL. As of now, Ripple has customers across 45 countries and six continents with payout capabilities in around 70 countries.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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