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Latest reports claim that Ripple Labs has leaped massively on the On-Demand-Liquidity (ODL) solutions this year.
Ripple has recently announced its several old customers in the ODL markets, which include Australia, Singapore, Israel, Argentina, Africa, UK, Brazil and many more.
On 15 November, Ripple highlighted the case of the ODL in a blog shaft starting back from the past-
“Introduced in 2018, ODL was initially built to ease the frictions associated with low value, high volume cross-border payments such as remittances, including high transaction fees, slow settlement times, and minimal transparency. This crypto solution has been a step in the right direction to create a more financially inclusive future for economies around the world. While the pillar of financial inclusion still remains, ODL has proved a valuable asset to a number of different use cases including small-medium enterprise payments, internal treasury flows, paying out marketplace vendors and more.“
As per the media reports, CEO Brad Garlinghouse addressed the adoption of RippleNet and On-Demand Liquidity (ODL) at the Ripple Swell conference. He has also disclosed that Ripple is advancing itself year-by-year in terms of the massive growth of ODL.
Also, this week they collaborated with the behemoth partnership with MFS Africa, the largest mobile money hub in the continent with a huge 400 million connected and growing users. Ripple was formed by Authur Britto, Jed McCaleb and David Shwartz in 2012 while launching their first token, XRP (Ripple token), to give tough competition to Bitcoin in terms of speed and energy efficiency.
Also, the SVP of Engineering at Ripple, Devraj Varadhan, states-
“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.“
Further, Ripple’s general counsel, Stuart Alderoty, said they are seeking a virtual asset provider service provider (VASP) license in Ireland for EU expansion. Also, he directed an urgent need for action in the direction of improving the crypto market’s immunity to the downturn.
However, the final decision on the XRP lawsuit filed by the United States Securities and Exchange Commission is said to be in early 2023. On 22 December 2020, CEO Brad Garlinghouse and co-founder Chris Larsen were sued for selling $1.3 billion XRP tokens without registration.
The Sam Bankman-Fried’s crypto exchange FTX bankruptcy has led to a contagion effect on the entire crypto industry. At the time of writing, XRP is trading at $0.3557 with a volume of $1.71 billion in the last 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
