Ripple Partner Gains New ODL Partnership• March 1, 2023 5:03 pm • Comments
As Ripple’s On-Demand Liquidity solution continues to gain popularity among financial institutions around the world, the company is able to establish more ODL partnerships.
Just recently, Ripple partner Tranglo just revealed that it has signed with EzyRemit as a partner where EzyRemit will now use Tranglo’s payment solutions in order to facilitate cross-border transactions.
By extension, this means that EzyRemit is now providing a service to its customers that utilizes Ripple’s ODL solution which ultimately increases the number of users on the platform.
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As a result, EzyRemit will be able to take advantage of quick and low cost transactions between many different countries including the Philippines, Thailand, Bangladesh, and more.
The most impressive improvement is that settlements will be processed in real time while the traditional method could potentially take days.
⚡️February 27th New ODL User⚡️
"Partnership allows EzyRemit to leverage ODL to maximise working capital/deliver quick and cost-effective transactions across key corridors including Indonesia, Philippines, Vietnam, Thailand, India and Bangladesh🌋$XRPhttps://t.co/vT9nI9vvGP
— 🌋King Solomon🌋 (@IOV_OWL) February 27, 2023
EzyRemit will leverage the Tranglo platform through an interface to seamlessly route transactions in real-time.
In addition, the partnership is said to allow EzyRemit to “streamline its operations and create new revenue streams” by offering its customers more options to send international payments.
Commenting on the partnership, EzyRemit co-founder and CFO Allan Nguyen said, “The strategic partnership between EzyRemit and Tranglo will offer a comprehensive cross-border payment solution for all customers. This partnership combines EzyRemit’s extensive remittance network and Tranglo’s expertise in global payment infrastructure.”
To what extent EzyRemit will use XRP-based ODL technology is therefore not entirely clear yet. One thing to keep in mind is that Tranglo enabled ODL for all of its payment corridors in March 2022, after launching an ODL pilot in September 2021.
The partnership is also a lot more collaborative than most speculators would think as it was noted that Ripple had actually acquired roughly 40% of Tranglo in 2021.
The purpose of that was to scale RippleNet and increase the popularity of the ODL service.
Based on that, it seems that the decision has paid off given the fact that Tranglo has now partnered with a service that provides transactions for multiple regions within Asia.
All of this is happening despite the current lawsuit that Ripple has against the SEC back in the United States which indicates that the Ripple ecosystem will likely continue to prosper no matter what happens.
After all, the network is decentralized and does not have any borders which makes the upside limitless as long as there is a real utility for XRP.
Tranglo and EzyRemit partner to enhance remittance services using Tranglo's cross-border payment solutions and Ripple's On-Demand Liquidity, allowing for quick and cost-effective transactions across key corridors. $xrp https://t.co/l287KCTdGB
— blockproof. (@blockproofco) February 27, 2023
Meanwhile, the XRP price is unimpressed by the recent new partnerships of Ripple. At press time, XRP traded at $0.3729, sitting in the middle of the $0.32 and $0.42 trading range in which the price has been since early November.
At the moment, XRP is holding support at the $0.3729 level after the price tested the upper edge of the sideways channel in the second half of January. Since then, the XRP price has fallen in line with the broader sentiment on the crypto market.
In this respect, it is important for the bulls to hold the mid-range support for the time being in order not to fall towards the bottom of the channel. Should this succeed, a bounce could be in play. Then, the resistance at $0.42 could come into focus again.
BAM! A new ODL partner for Ripple.#Ripple partner Tranglo announced it has signed EzyRemit, one of Australia’s fastest growing fintech companies, as a new partner.
— DS (@XPunkDS) February 28, 2023
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