WrathofKahneman, an XRP and Ripple development tracker, recently took to his Twitter account to share an interview with Ripple’s Managing Director for South Asia and MENA, Navin Gupta.
Gupta spoke about the recent achievements that happened in on-demand liquidity (ODL) as more institutions in the MENA region began embracing cryptocurrency strategies. He also stressed the fact that, with the rise in adoption, there has been a high demand for crypto-enabled cross-border remittance services.
“We have seen a great deal of interest from institutions across MENA to use On-Demand Liquidity (ODL) to underpin the remittance services they offer, and we already have local payments service providers such as Pyypl using the solution to facilitate remittances between the UAE and other countries around the world,” said Navin Gupta.
Payment volume on RippleNet exceeds $15 million
According to Gupta, clients like banks, fintechs, and other payment service providers are using Ripple’s cross-border payments technology. He also added that the overall payment volume on the RippleNet network has exceeded $15 billion.
Gupta also mentioned that crypto liquidity can be harnessed to bring new products to the market. He also added that ODL is now available in nearly 40 payout markets that represent approximately 90% of the daily $6 trillion FX market. Perhaps he also considers it a significant milestone.