Ripple expands its ODL wing to France, Sweden

Sahana Kiran
Source – Unsplash

Neither the lawsuit nor the bear market has stopped Ripple from consistent growth. The network moved forward with its expansion plans and its On-Demand Liquidity [ODL] was seen thriving throughout. Now, in another attempt to boost its ODL business and Europe presence, the network decided to partner with two major platforms in France and Sweden.

Over the last couple of months, crypto platforms have been laying their eyes on several European regions. France has been a prominent choice for several exchanges. Bringing ODL services into France, Ripple teamed up with a Paris-based payment provider, Lemonway.

The Chief Operating Officer of Lemonway Jeremy Ricordeau noted that Ripple’s ODL solution brings flexibility while making payments. He pointed out how the network negates, “the traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest into our business while enhancing our customer offering.”

France wasn’t the only place that Ripple was debuting with its ODL service. The network veered into Sweden with Xbaht, a prominent Swedish money transfer provider. It should be noted that this platform engages in money movement between Sweden and Thailand.

With Tranglo, the cross-border payment center situated in Singapore, Xbaht will offer “instant and cost-effective” retail remittances through ODL as a result of its latest partnership with Ripple.

Ripple on a Euro trip

Similar to its counterparts, Ripple seemed to be exploring Europe. The demand for the services that the network offers in the region was also reportedly strong. A recent report also notes how 70 percent of respondents at European financial institutions believe that blockchain would entail a prominent impact on their business in the coming five years.

In addition to this, 59 percent of them, were inclined towards employing blockchain tech for payments. Elaborating on Ripple’s latest partnership, Sendi Young, Managing Director, Europe, Ripple said,

“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.”