On November 15, 2022, Ripple announced the On-Demand Liquidity (ODL) growth of this year. The firm shared a tweet in which it mentioned “we have the technology, the global network and the diverse list of customers to prove it.”
Ripple’s On-Demand Liquidity
On-Demand Liquidity (ODL) is a kind of service that enables instant payment settlement and eliminates the need for pre-funded destination accounts. It also offers best-in-class payouts into markets globally. It was introduced in 2018.
Ripple recently announced that the On-Demand Liquidity has seen rapid growth this year. It recently announced various new ODL customers, along with the ODL payout markets including Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, the UK—the list goes on.
Dianne Nguyen, CEO at Hai Ha Money Transfer, said “Ripple’s ODL solution answers the industry’s age-old problems of pre-funding and speed of fund settlement. Since partnering with Ripple and utilizing ODL, we’ve been able to better manage our capital requirements and funding flows, thereby allowing us to offer a near real-time payout for our customers without having to worry about the time it takes for funds to hit our bank accounts. Being able to efficiently access upfront capital to provide an enhanced service for our customers is the holy grail for our business.”
Devraj Varadhan, SVP of Engineering at Ripple said that “As Ripple’s products reach significant growth and scale in 2022, we continue to invent and deliver solutions to sustainably grow and offer best-in-class experience on behalf of our customers. Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products.”
“We’re excited to launch several of those capabilities this year to scale ODL efficiently to serve more customers globally and to provide the best experience possible for our customers,” as stated by Mr. Varadhan.
It then also announced tremendous victory for its flagship product Ripplenet. Ripple’s CEO Brad Garlinghouse said that the company’s Ripplenet processed $30B in payments (both fiat and crypto).
Ripple estimated $156t worth of cross-border payment flows in 2022 alone. The firm is expanding its payments solution beyond financial institutions to now serve corporate customers. It named the corporate customers like Nutrisource, Oceanus, Valency and New Horizon, across a variety of segments including trade, agriculture, e-commerce, technology and supply chain.
On the other hand, Ripple is planning a move into Europe, starting with a pair of Irish licenses that will let it “passport” into the EU, as said by its General Counsel. Apart from the EU expanding, it is expanding outside the U.S., where it has spent the past two years fighting a Securities and Exchange Commission lawsuit.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/21/ripple-announced-its-odl-growth-in-2022/