SBI Ripple Asia is successfully testing On-Demand Liquidity and plans to go into production this year and next year
According to the report from XRP Arcade dubbed “SBI Ripple Asia to go into production with ODL this year,” Ripple is continuing its efforts to expand into Asian markets. Besides, the company has recently been investigating new ODL corridors in Europe, the Middle East, Africa, Asia-Pacific, and Latin America.
SBI Ripple Asia currently testing ODL
Ripple is pretty sure of its long-term goal, especially in its plan to replace international wire transfers and SWIFT.
In a recent conversation, Adam Traidman, CEO of SBI Ripple Asia and also the CEO of BRD Wallet and SBI Mining Chip Co., has revealed its meeting with several Asian central bankers to reinforce the position of the platform for cross-border payments, while eventually replacing legacy payment rails.
“I met with the head of the Central Bank from Cambodia last year in December, and they are looking for alternatives to technologies like SWIFT because they want to get out from under the thumb of the US Department of Treasury, which runs the global banking network. SWIFT is a Belgian company, by definition, but there is a lot of US influence in a lot of things in banking.”
Traidman revealed that Ripple Asia’s business is growing because Asia can make a lot more progress when it comes to all sorts of payment rails. He also went on to say that some Asian SBI Ripple customers have started leveraging Ripple’s ODL technology by avoiding long-standing traditional platforms like SWIFT. Sharing the same view, SBI Ripple Asia has implemented limited testing and testing projects with different companies in its territory.
Ripple currently has 350 financial institutions as cooperative partners around the world. This year, however, the blockchain company has been given quite a lot of expansion plans for Asia. As AZCoin News reported, Ripple, along with 40 other platforms, formed the ‘Open Payments Coalition’ and launched a universal payments system – PayID, which is essentially a new payment process enabling users to send or receive money anywhere in the globe across any payment network in real-time.
Besides, XRPL developer Wietse Wind clarified the workings of PayID when FATF’s Travel Rule becomes mandatory.
“If Travel Rule compliance is mandatory, and you are using your non-custodial ledger account like XUMM or any other wallet where you keep your keys, there is no sending side who knows who you are and can comply with Travel Rules information request. So that is where we are going to add to XUMM, it is going to be opt-in. We are going to add XUMM Pro and opt-in KYC and work with other identity providers.”
Wind further revealed that if they allow KYC participation, they can add the Travel Rule Compliance to the user’s non-custodial wallet environment. This is expected to happen in the fourth quarter of 2020.
XRP hit with surprising levels of hostility to innovation
In the virtual Blockdown 2020 conference, CTO Ripple David Schwartz said the surprising level of hostility in the cryptocurrency community is hindering the development of the industry as a whole.
“I think the one thing that is kind of surprising to me is the sort of hostility to innovation in a lot of the space. If you think Ethereum is going to take over, you probably own some Ether. If you think the XRP ledger is the greatest thing in the world and everyone’s gonna use it for everything, you probably hold some XRP.”
Schwartz takes Bitcoin as an example. He explained why BTC investors are hardly welcoming improvements in other cryptocurrencies.
“The Lightning network is something that enhances Bitcoin’s usability and so, if you’re a Bitcoin maximalist, you like the Lightning Network. It is a good innovation, whereas if Ethereum is improving its scalability, and you could perceive that as a threat to Bitcoin. You would sort of perceiving that as bad innovation.”
“All the existing banks and financial institutions want you to build on top of their existing technology because that’s what enriches them. The same thing has happened in the cryptocurrency community. People are now saying ‘no, build on top of Bitcoin because I’m invested in it. Build on top of Ethereum because I’m invested in it Don’t build new technologies that are better or that threaten the incumbents…”
Bitcoin was like a radical movement and now educated the institution that people don’t want you to threaten now.