Ripple is making rapid progress in on-demand liquidity [ODL] game. The blockchain company launched a corridor between Qatar and the Philippines earlier this week. It was later announced that his Singapore-based payments company, FOMO Pay, would adopt his ODL service on Ripple.
In the post-pandemic era, the demand for cross-border payments is increasing. Therefore, companies like FOMO Pay are partnering with Ripple to strengthen their position in this space. At the same time, older companies like Ripple are also renewing their deals as they look to expand.
SBI’s latest announcement
Japanese financial services company SBI Holdings is a major partner of Ripple and a Series C investor in Silicon Valley technology companies. The banking giant has been bullish on Ripple and XRP from the beginning, and its actions justify the same.
For example, way back in 2021, Ripple’s first ODL service implementation in Japan was done in collaboration with SBI Remit Co.
SBI Africa’s cross-border e-commerce platform, SBI Motor Japan, began accepting XRP payments in May of this year. As a result, SBI Motor’s Japan became the first platform in Japan to adopt Ripple.
In this development, the system of the XRP international remittance service using SBI’s ODL was renewed. According to SBI’s official release,
“”This time, the system has been renewed to support multi-tenancy that can connect with multiple operators. As a result, Asian Net Co., Ltd., which provides international remittance services, will be newly linked as a remittance service provider and will start providing services to customers from today.
SBI is not going to stop here. We plan to continue to strengthen ODL’s “dominance” in international money transfer services. Noted the same, it pointed out,
“In the future, we will continue to promote the expansion of multiple domestic and overseas fund transfer companies and remittance destination countries, strengthen ODL’s superiority in international remittance services, and strive to expand the use cases of crypto assets.”
Ripple provides the big picture
Ripple released its “XRP Market Report” a day ago and saw a similarly large increase in liquidity. Due to the multi-faceted utility of the service, trading volume increased 9 times his. Elaborating on the same, Ripple’s report states:
“Q2 2022 was a record quarter for on-demand liquidity. Volume increased significantly with 9x year-over-year growth. We continue to expand the use of ODL in beyond use cases, with financial flows and bulk payments taking up more volume on the network.”