Ripple Announces That Nearly 40 Payout Markets Are Now Live On Its ODL Service

November 18, 2022 8:54 pm Comments

The blockchain company Ripple has not announced that nearly 40 payout markets are now live on its On-Demand Liquidity service.

This actually represents 90% of the currency markets which is a tremendous milestone for a blockchain project to achieve and further confirms the utility of XRP.

The company also announced that it has entered a new partnership with MFS Africa which has a huge user base of 400 million users and over 800 payment corridors in Africa.

With such a huge market now conquered by the company, it is clear to say that the demand for Ripple’s ODL service  is essentially global as it supports payout markets in Africa, Argentina, Austrailia, Singapore, UAE, and many more countries.

Bitcoinist reports:

To cope with the growth, Ripple is working on machine learning capabilities to further improve the customer experience.

The technology aims to make the payment process more efficient while managing liquidity “at the utmost level to support a range of transaction types”.

Devraj Varadhan, SVP of engineering at Ripple further remarked that the machine learning and automation efforts are focused on liquidity, the backbone of all the company’s products. The launch is expected to take place as early as this year

“As Ripple’s products reach significant growth and scale in 2022, we continue to invent and deliver solutions to sustainably grow ,” Varadhan said, adding, “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.”

Ripple’s ODL service was first introduced in 2018 and the purpose of it was to be able to solve the many issues that existed with cross-border payments.

Since then, the demand for the service has skyrocketed and has allowed the company to expand despite a lawsuit in the United States.

ODL is now targeting businesses beyond financial institutions such as corporate clients like New Horizon, Oceanus, and Valency.

With more and more clients coming on board, this confirms that Ripple’s ODL solution is the answer that many were looking for when it comes to transaction settlement and pre-funding.

Bitcoinist concludes:

Since partnering with Ripple and utilizing ODL, we’ve been able to better manage our capital requirements and funding flows, thereby allowing us to offer a near real-time payout for our customers” said Dianne Nguyen, CEO of Hai Ha Money Transfer.

After the FTX bankruptcy, the XRP price is like the entire crypto market in a wait-and-see, eager to see if there will be further contagion effects.

At the time of writing, XRP was trading below the 50, 100 and 200 Simple Moving Averages (SMA) on the 1-day chart. The RSI is in neutral territory at 43.

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