Ripple notes ‘record’ ODL growth in 2022: Further expansion expected

Lavina Daryanani

Ripple’s ODL payout markets currently span across Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, and the UK. Over the past few months, the blockchain payment company got into a host of partnerships with companies based around the world.

In an attempt to boost its ODL business and Europe presence, the network joined two major platforms—Lemonway and Xbaht—in France and Sweden last month. Before that, Ripple’s partner—Tranglo—announced its expansion into the Middle East. In August, the company also tied up with Travelex Bank to assist it in providing ODL services to Brazilians.

Two recent blog posts by Ripple highlighted that this particular solution has seen “substantial adoption” and “record growth” this year. Commenting on the same, Brooks Entwistle—SVP of Global Customer Success at Ripple—said,

With ODL’s expansion into nearly 40 payout markets around the world, representing ~90% of the FX market, the proof is in the pudding – business can rely on crypto to deliver the speed, efficiency, security and scalability required to complement our formerly purely fiat financial infrastructure at low cost.

Alongside, Ripple has made advancements on other fronts as well. The company added advanced Machine Learning capabilities to its ODL solution to further refine the customer experience. The said technology, as such, makes the payment process more efficient and manages liquidity at the utmost level to support different transaction types.

Commenting on similar lines, Devraj Varadhan—SVP of Engineering at Ripple—said,

“Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products.”

This is, perhaps, just the beginning. The company expects to see further growth in the future. Elaborating on the same, the blogpost highlighted,

As the industry continues to evolve, and more and more use cases are explored for crypto payments solutions, we’re confident that Ripple’s global payments network will simultaneously continue to expand in the years to come.

Ripple’s On-Chain Front

Over the past day, Ripple’s on-chain performance has also refined. At press time, it was the fourth most active chain, ahead of the likes of Litecoin, Dogecoin, Tron, Ethereum Classic, etc. Over the past day, around 54.69k addresses have been active on the network and a total of $1.5 billion was settled in volume on the blockchain.

Source: Messari