- Recently, an article published by the vice president of Product and Corporate Development, Asheesh Birla on Ripple’s official website.
- Some countries are working to acquire digital currency for their economy.
- Ripple is continued to concentrate on supporting high frequency and low-value payments by using ODL.
Recently, an article published by the Senior Vice President of Product and Corporate Development, Asheesh Birla on Ripple’s official website. It described the benefits of Ripple and Optional Liquidity (ODL) during the present situation of the financial crisis caused by COVID-19.
Major markets migrating to digital formats
According to the SVP, looking at the current condition of the global economy, many major players of the market are now starting to shift to digital formats to a greater extent.
While ODL-related transaction volume may look a little different this month, our focus on supporting low-value, high-frequency payments is stronger than ever.
— Ripple (@Ripple) June 8, 2020
Some countries are working to acquire digital currency for their economy. China is working hard on government-backed cryptocurrency that it launched before the COVID-19 outbreak. While the European Union is on the way to launch digital Euro soon.
However, it is found that the pandemic could spread through physical currencies. Many countries recommended using debit cards to make payments at public places. Such as supermarkets, public transportation, etc.
Ripple : The Prepay System Related to Money Transfer
Birla presented the prepay system related to the global money transfer mechanism by financial institutions. He further stated in his article that ODL does not need prevention. By using RippleNet and XRP, money transfer could become much faster and cheaper.
Further, he added that Ripple continued to concentrate on supporting high frequency and low-value payments with the use of ODL.
Besides this, the leading electronic payments companies such as MoneyGram is a Ripple honorable partner and using the ODL system. Ripple is working to launch a new ODL system this year. This includes some major regions like Europe, Australia, the Philippines, and Mexico.