Ripple And SBI Holdings to Launch ODL Service For RippleNet Using XRP in Asia in 2020

Adam Traidman, the CEO of SBI Ripple in Asia, was the one that made the announcement during an official interview in mid-June.

The joint venture of Ripple Asia and SBI Holdings, also known as SBI Ripple Asia, has announced its plans of launching On-demand Lqiuiduty (ODL) solutions using XRP in Asia this year.

Ripple has made a name for itself because of its cross-border remittance solutions, also known as RippleNet. The firm has seen many takers for its technology, which uses XRP for liquidity on the ledger to facilitate instant cross-border transactions at a minimal cost.

The ODL solutions have been quite a hit, and given Asia is emerging as one of the fastest-growing crypto hubs, the joint venture between Ripple and SBI holdings wants to push for its adoption further.

The announcement was made by the CEO SBI Ripple Asia, Adam Traidman, during an interview on June 18, where he talked about the popularity of Ripple in Asia and how expanding ODL services would be the right move as it offers much cheaper cross-border remittance services. He said;

“I expect that probably later this year, and into next year, things are going to move into wider spread production.

I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital—they’re going to have a lot more flexibility.”

Traidman also believes that introduction of ODL would eliminate currency fluctuations and the pre-funding requirement for making cross-border transactions. He explained ODL services wouldn’t gain the same adoption and popularity in the United States as it is increasing in Asia and Japan.

The reason for this is the US offers low-cost cross-border remittance service, so the people over there don’t need a system like ODL, while in Japan, its not only costly to send money across the border, but it also takes around a whole day. Traidman said,

“ODL can be used to convert the Japanese yen to XRP in real-time in Japan, and a family in Vietnam can immediately exchange the XRP for Vietnamese dong.

In this way, the price movements of the Japanese yen and the Vietnamese dong are almost unaffected.”

Ripple’s On-Demand-Liquidity(ODL) has seen a massive jump in use and volume, which is evident from the fact that the bulk of transactions has tripled over the first quarter of 2020, while the US Dollar transactions have risen by 294%.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.0061

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
James W
James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,271FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today