- Ripple is partnering with the money transfer giant Azimo to cryptocurrencies into the cross-border money transfer business.
- Ripple has partnered with over 300 companies to integrate with their network, with 24 companies out of the whole being ODL users and a majority of ODL users also being money transfer companies.
Ripple, Inc. has announced a new partnership with the money transfer giant Azimo to cryptocurrencies into the cross-border money transfer business, which has been dominated by traditional financial institutions. Azimo is one of the largest money transfer services in Europe, and the Ripple integration means that XRP will now be used for operations with Azimo, with $24 million in XRP already moved across the network between U.S. and Mexico.
— Ripple (@Ripple) February 26, 2020
Ripple is the third most valuable cryptocurrency and has primarily always focused on taking the currency into the financial market for cheaper and quicker transactions compared to traditional systems. The company had previously made attempts with other big names like Western Union but failed to make it into deployment. Azimo will take up Ripple’s On-Demand Liquidity (ODL) to facilitate the use of XRP. Currently, plans to use XRP in transfers to the Philippines with expansion plans to other markets coming soon in the future.
Azimo to Use Ripple’s On-Demand Liquidity
Azimo CEO Richard Ambrose stated that the company had been interested in the utilisation of digital assets for a long time to make more efficient cross-border payments that are beneficial to both the company and to their customers.
Azimo is based out of the U.K., Netherlands, and Poland, with a customer base spanning over a million. The company has grown significantly in the past couple of years, having processed more than $1 billion in transfers in 2019 alone. The company has also just recently secured a £20 million fund from the European Investment Bank to push its growth even further.
Ripple has partnered with over 300 companies to integrate with their network, with 24 companies out of the whole being ODL users and a majority of ODL users also being money transfer companies. This could mean a strong correlation with the benefits provided by ODL and the specific requirements for money transfer solutions.