Ripple “decacorn” startup says will add more corridors in regions throughout the year for its On-Demand Liquidity (ODL)
In the latest XRP Markets Report, the “decacorn” startup based in San Francisco says it will add more corridors in the following regions throughout the year for its On-Demand Liquidity (formerly xRapid).
- Middle East
- Latin America
Ripple’s liquidity solution powers payment corridors between the US, Mexico and the Philippines and serves more than two dozen companies including MoneyGram, goLance, Viamericas, FlashFX and Interbank Peru. MoneyGram has publicly reported that they have moved more than 10% of its transaction volume between the United States and Mexico through ODL and plans to expand into four more corridors by the end of this year.
MoneyGram CEO Holmes and Ripple CEO Brad Garlinghouse at SWELL 2019
As AZCoins News reported, it has achieved a new record of volume liquidity against the Philippine and Mexican peso in the last quarter of 2019 with a 650% increase in transaction volume.
In addition to the USD-MXN and USD-PHP ODL corridors, the company went into production with ODL payments originating from Australia into USD and PHP, and a new production ODL corridor from EUR-USD. Plans for additional corridors across APAC (Asia Pacific), EMEA (Europe, the Middle East, and Africa) and LATAM (Latin America and the Caribbean) are in progress for 2020.
Ripple says ODL has the potential to give banks and enterprises a new way to free up capital. Instead of maintaining pre-funded bank accounts in various countries to facilitate fast local payments, banks and financial institutions can leverage the speed of XRP, settling transactions in three seconds while providing customers with up to 60% savings.
In 2019, dollar value transacted through ODL increased more than a hundred times between Q1 and Q4, and specifically from Q3 to Q4, by 550%. The number of ODL transactions also increased by 290% from Q3 to Q4, showcasing high customer demand for leveraging digital assets, specifically XRP, in cross-border transactions.
The XRP liquidity solution launched in late 2018. Throughout 2019, ODL volume rose by 550% with the number of transactions surging nearly 300% in the last quarter.
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