Ripple Has Made Rapid Progress In Its On-Demand-Liquidity [ODL] game. The blockchain company launched a corridor between Qatar and the Philippines earlier last week. It was then announced that FOMO Pay, a Singapore-based payment company, was set up to use Ripple’s ODL service.
In the post-pandemic era, the demand for cross-border payments has increased. So, companies like FOMO Pay have partnered with Ripple to tighten their grip on this space. In addition, older companies like Ripple have also renewed their deals in the pursuit of expansion.
SBI’s latest announcement
Japanese financial services firm, SBI Holdings, is a major Ripple partner and Series C investor in tech company Silicone Valley. The banking giant has been optimistic about Ripple and XRP from the start and its actions have justified the same.
For example, in 2021, Ripple’s first ODL service deployment in Japan was done in partnership with SBI Remit Co.
SBI Africa’s cross-border e-commerce platform, SBI Motor Japan, started accepting XRP payments in May this year. The same made SBI Motor Japan the first platform in the country to adopt Ripple.
In the latest development, SBI’s system for international XRP remittance services with ODL was renewed. By SBIs official release,
“This time we revamped the system to support multi-tenancy that can connect with multiple operators. As a result, Asian Net Co., Ltd., which provides international remittance services, will rejoin as a remittance service provider and will begin services for customers from today.”
SBI has no intention of stopping here. It has plans to continue to strengthen ODL’s “superiority” in international remittance services. Picking the same, it noted,
“In the future, we will continue to promote the expansion of multiple domestic and foreign fund transfer companies and remittance destination countries, strengthening ODL’s superiority in international remittance services and striving to expand the use of crypto assets.”
Ripple offers the bigger picture
Ripple released its ‘XRP Markets Report’ a day ago, and at the same time, liquidity has been massively inflated. Volumes rose 9x due to the versatile utility of the service. Continuing on the same, Ripple’s report noted:
“Q2 2022 was a record quarter for on-demand liquidity as volume grew significantly, growing 9x year-over-year. Customers continued to expand the use of ODL for use cases other than traditional remittances or individual payments, with cash flows and bulk payments driving more volume on the network.”