ODL in Cross Border Payment systems From Ripple Proves Improving Trends in AdoptionDecember 4, 2019
Ripple recently transferred 1 billion XRP tokens from its Escrow Wallet in two separate transactions on December 02, 2019. However, seven minutes later, the company moved the amount back into the Escrow in three separate transactions. At the time of the transaction, the value of the transaction was nearly $219 million. Ripple has been making such huge transactions previously. Some of the members in the investor community are of the opinion that Ripple is dumping XRP, and the token price is crashing.
Investors recently signed a petition in September titled “Stop Ripple Dumping” they further required that the company should “Unleash the Utility.” A few days ago, the XRP community was threatening the company to stage a takeover if they will not start off paying attention to the concerns of the community.
Over the past months, the price of XRP has been declining steadily. The company, however, continues to develop several partnerships. The On-Demand Liquidity is the hot happening in the Ripple promotion plans. The company is giving a lot of weightage to On-Demand Liquidity.
A lot of transactions have been happening using ODL transactions on the BitSo platform, which has been providing for XRP/MXN trades. The On-Demand volume is seen to be notably high for USD-PHP for Ripple.
The VP of Product Marketing recently shared a Live Demo of ODL. The Live Demo was staged in an invite-only conference in Singapore. A behind the scenes look into how the ODL payment architecture works were provided. How customers leverage the speed and how payments flow on the RippleNet were clearly explained. The live demonstration and staged the capabilities of the system in ensuring the good customer experience.
Ripple stated that to fix the friction in payments, the fundamental architecture of the method in which the payments will flow should be regulated.
Brad Garlinghouse stated, “To fix the friction in payments, we need to reset the plumbing by resetting the fundamental architecture of how payments can flow.”
This is the point in time when several industries are facing disruption, and several infrastructures that are decades old have not tried anything innovative about cross-border payments.
The need to pre-fund is done away with when the XRP is used to bridge two currencies. Thus the payments are sent and received on both sides in the local currency.
Kamila Chytil, MoneyGram International when talking about their experience concerning ODL, stated, “We’ve leveraged On-Demand Liquidity on RippleNet to dramatically reduce our operational costs and global process payments at unprecedented speeds.”