Ripple Inks Big Partnerships in France and Sweden

October 11, 2022 11:04 pm Comments

While other blockchain enterprises are closing up shop and cutting employees, Ripple keeps on expanding.

In a press release, Ripple announced its first On-Demand Liquidity customer in France with a  company called Lemonway.

Lemonway is based in Paris and is a payment provider for online marketplaces.

In the same press release Ripple also announced they liked a deal with a new ODL customer Xbaht which is located in Sweden.

Xbaht is used to send money between Sweden and Thailand hence the name “baht” in the company’s name.

Ripple had these details to report:

Today, Ripple, the leader in enterprise blockchain and crypto solutions, announced its first On-Demand Liquidity (ODL) customer in France as it joins forces with Lemonway, a Paris-based payment provider for online marketplaces. The new partnership sees Lemonway using RippleNet’s ODL, which leverages XRP for crypto-enabled payments, to enhance its treasury payments processes.

Ripple’s new partnership with Lemonway comes at a time when France has been showing itself to be forward-thinking when it comes to embracing the potential of crypto technology. In partnering with Ripple, Lemonway is able to drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad, giving them the opportunity to use previously trapped pre-funded capital to grow and scale their business.

Ripple has also announced a second new ODL customer, its first in Sweden. Swedish money transfer provider Xbaht enables money movement between Sweden and Thailand. Xbaht’s new partnership with Ripple sees the company offering instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.

Together, Ripple and its new customers will make it easier than ever for consumers and businesses in France and Sweden to make real-time payments across borders powered by Ripple’s financial technology, RippleNet.

Coin Desk dropped these details:

Cryptocurrency payments company Ripple Labs has formed new partnerships in France and Sweden, continuing its march into Europe despite the current wintry freeze enveloping much of the crypto industry.

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.

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