Ripple Expands Into France And Sweden With Its ODL Division

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Ripple Expands Into France And Sweden With Its ODL Division
Ripple Expands Into France And Sweden With Its ODL Division

Ripple has continued to grow despite the lawsuit and the bear market. The network continued to expand, and its On-Demand Liquidity [ODL] was seen to be thriving throughout. In yet another effort to expand its ODL business and European presence, the network has decided to collaborate with two major platforms in France and Sweden.

Read: Analysts Predict a Significant Drop for Ripple (XRP)

Several European regions have been targeted by cryptocurrency platforms in recent months. France has been a popular choice for a number of exchanges. Ripple collaborated with Lemonway, a Paris-based payment provider, to bring ODL services to France.

Lemonway’s Chief Operating Officer, Jeremy Ricordeau, stated that Ripple’s ODL solution provides flexibility when making payments. He emphasized how the network eliminates “the traditional banking cut-off cycle and drives operational efficiencies, which will allow us to free up funds to invest in our business while enhancing our customer offering.”

Ripple’s ODL service was not only making its debut in France. With Xbaht, a prominent Swedish money transfer provider, the network ventured into Sweden. It should be noted that this platform facilitates money transfers between Sweden and Thailand.

As a result of its recent partnership with Ripple, Xbaht will offer “instant and cost-effective” retail remittances through ODL through Tranglo, the Singapore-based cross-border payment center.

Read also: Deaton Mocks SEC, Claims SEC is Not Fully Disclosed in its Primary Focus in the Lawsuit Against Ripple

European Trip With Ripple

Ripple, like its counterparts, appeared to be exploring Europe. According to reports, the network’s services are in high demand in the region. Approximately 70% of respondents at European financial institutions believe blockchain will have an important impact on their business within five years, according to a recent study.

Furthermore, 59 percent of them, were inclined towards employing blockchain tech for payments. Elaborating on Ripple’s latest partnership, Sendi Young, Managing Director, Europe, Ripple said,

“Ripple has focused on using blockchain and crypto to build real use cases. This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost.”