LONDON, United Kingdom – Blockchain technology has revolutionized how the world works. This technology is what Ripple is taking advantage of in terms of their ODL or On-Demand Liquidity. You might have an experience when you sent or received money from a loved one from a different country, and the remittance took some time. This problem is what the ODL is trying to fix, and the XRP is one of the top altcoins to introduce this kind of transaction offshore.
Although struggling to keep the business afloat in the United States because of the lawsuit filed by the Securities and Exchange Commission, Ripple finds itself thriving when it comes to offshore partnerships. Recently, it partnered with an electronic money institution in Europe, FINCI. According to the institution’s executive, they find that Ripple’s ODL has the same vision as they do – to help ease inconveniences brought about by cross-border transactions.
The system will leverage XRP, which would help senders and recipients cut down on service fees and send or receive money instantly, just like the online banking we have now.
Even other banks in Europe are expressing their interest in the ODL system, particularly RippleNet, the ODL system of Ripple. According to Sendi Young, the chief officer of the expansion of RippleNet to European Union institutions, the whole team is delighted that FINCI has agreed to the partnership, and it may be the start of a crypto-enabled future. He also acknowledged that cross-border transactions are often hard and complex, which RippleNet is trying to solve.
Since FINCI is now a client, Ripple maintains an office in London to better serve its community. Another good news is that the Ripple team claims that the RippleNet and the XRP token could cut down up to 60% linked to global settlements across banks.
XRP continues to make footprints outside the United States and looks forward to making more partnerships with other countries to push for a crypto-enabled world.