XRP ODL Payments Have Now Launched In India

By Kevin • April 29, 2023 11:56 am • Comments

Ripple has just confirmed that it has launched its On-Demand Liquidity (ODL) solution in India which means XRP will now be exposed to another huge market.

The launch of the ODL solution in this region means that it is now possible to do cross border payments for all of Brazil, Mexico, India, and Southeast Asia.

Powering these payment transactions and the entire payment network will be XRP as the token will be used as the “bridge currency” between the different fiat currencies that exist in all these countries.

Trending: RippleX VP Eyes $16 TRILLION Market

This promotes a tremendous increase in volume for the use of XRP which further solidifies its value in the XRPL ecosystem.

Additionally, India is expected to be a growing region that will likely be a sizeable part of the global crypto market in the future so promoting more adoption of XRP in the country will be essential.

TheCryptoBasic reports:

It is worth noting that Ripple has been making plans to launch the payment solution in India since 2020. The plan was disclosed by Navin Gupta, Ripple’s Managing Director for South Asia & MENA.

“Ripple is keen to introduce the ODL (On Demand Liquidity) solution to the India market to make remittances faster, easier, better, and cheaper through the use of digital assets,” said Gupta.

It is noteworthy that Ripple has been operating in India since 2017, especially in the Bengaluru and Mumbai cities. As reported earlier, Ripple opened a regional office in the city of Bengaluru.

Since launching in India, several financial institutions, including Yes Bank and Axis Bank, have collaborated with Ripple to utilize the company’s cross-border payment network, RippleNet.

The reason why Ripple had not rolled out its ODL solution in India earlier was due to concerns about India’s regulatory landscape.

In previous years, the central bank of India had prevented banks from dealing with crypto exchanges back in 2018.

As a result, the company felt that the endeavor had to many obstacles and potential risks despite XRP’s ability to support the region.

The good news is that the Supreme Court had overturned that decision of India’s central bank which made the crypto regulatory landscape once again favorable for crypto firms.

As a result, Ripple has decided to finally launch the ODL solution in India which has been long awaited by many within the region.

Watcher.guru concludes:

There are few companies in the blockchain industry as well-known as Ripple. Although the blockchain technology company is in the midst of a court battle with the US Securities and Exchange Commission (SEC), they have continued pioneering exceptional work in the global finance sector.

Specifically, the network known as RippelNet revolutionized global financial transfers. Now, that network has expanded, as Ripple has confirmed its XRP ODL is now available in India. Moreover, the tech companies’ newly released quick guide confirms the technology’s presence in the country.

The Ripple-designed payment solutions are designed to offer “optimized liquidity for cross-border payments,” the guide stated.

Additionally, it noted its presence in India, alongside Brazil, Mexico, and Southeast Asia. Thereafter, noting the global payments network utilization of XRP “as a neutral bridge for various fiat currency pairs.”

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