Ripple Builds New Partnerships In France And Sweden

By Kevin • October 12, 2022 4:28 pm • Comments

Ripple Labs has revealed that they have now formed new partnerships in the countries of France and Sweden which will ultimately strengthen the company’s foothold in the European region.

This happened despite the current crypto bear market which has persisted for the past year.

The partnership will essentially provide Ripple’s On-Demand Liquidity solution to Lemonway which is a regulated payments provider in France.

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Additionally, Ripple’s ODL solution will also be provided for Xbaht which is a Swedish money transfer provider that specializes in international remittance payments between Sweden and Thailand.

With both of these partnerships, the number of payment providers and financial institutions around the world that utilize Ripple’s blockchain network for payments continues to increase.

CoinDesk reports:

Ripple signed deals for its “On-Demand Liquidity” system with Lemonway, a Paris-based regulated payments provider for online marketplaces, and Swedish money transfer provider Xbaht, which is focused on remittance payments between Sweden and Thailand.

RippleNet, the collection of banks and payment providers that have signed on to use Ripple’s blockchain network for international payments, has clocked up payment volume of over $15 billion per annum, the company said in a press release.

While most crypto firms are struggling to stay afloat, Ripple appears to be in rude health, promising to add some 300-plus staff this year, a hiring goal on course to be achieved by year end, according to Ripple’s managing director for U.K. and Europe, Sendi Young.

Ripple is also circling assets up for grabs in the current Celsius Network bankruptcy auction, which includes the custody platform GK8.

“It’s not pleasant to see other companies in a tough situation in this market environment, but we do find ourselves growing fast and also we are well funded,” said Young in an interview. “We are opportunistically looking at some strategic investment opportunities.”

With these new partnerships, there will be a lot of friction removed from the treasury process of these companies which such as reduced costs and eliminating the need for pre-fund accounts.

The company Xbaht shared their thoughts and stated that the new partnership will make money transfers much quicker and reliable.

Additionally, there is a positive trend that is happening where the majority of financial institutions now have a positive view of the blockchain tech that supports digital assets and will likely impact many businesses within the next 5 years.

Research was done by the payment company and the report was titled “Crypto trend in business and beyond”.

Bitcoinist.com reports:

The payment company has been entangled in a legal battle against the U.S. Securities and Exchange Commission (SEC) over the alleged offering of an unregistered security, XRP. However, the perception in the crypto space is that Ripple will see a positive result.

If the demand for OLD and XRP payments products was already high, it could trend much higher if the payment company scores a win with the SEC.

Additional data provided by Ripple claims that their XRP-based product grew around 10 times since 2021 with an annualized payment volume standing at $15 billion.

At the time of writing, XRP trades at $0.48 and consolidates around key resistance with a 2% profit in the last 7 days. XRP’s price positive price performance, when most cryptocurrencies trade in the red, speaks volumes of the market pricing in a favorable result for the payment company.

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