Ripple Swell conference came to an end on Nov 17, and CEO Brad Garlinghouse announced significant advancements for the adoption of RippleNet and On-Demand Liquidity (ODL).
The development of Central Bank Digital Currencies was one of the conference’s key areas of attention (CBDCs).
90% Of Payout Markets On ODL
In a recent blog post, Ripple also disclosed that it expects to experience rapid growth over the coming year. Nearly 40 payout markets, or 90% of the currency markets, are now active on ODL, according to Garlinghouse’s announcement at the conference.
Additionally, the company just this week signed a collaboration agreement with MFS Africa that might be quite significant. MFS has the most mobile money users and payment channels on the continent of Africa, with over 400 million users combined.
This has led to the San Francisco-based fintech company conquering a sixth continent.
To manage the expansion, Ripple is developing machine learning capabilities to further enhance the client experience. While managing liquidity “at the utmost level to support a range of transaction types” the technology aims to make the payment process more efficient.
All Eyes On Liquidity
Devraj Varadhan, SVP of engineering at Ripple, added that the company’s machine learning and automation initiatives are concentrated on liquidity, the foundation of all its products. The debut might happen as soon as this year.
The XRP token-based payment mechanism is expanding quickly, as stated by Ripple in the blog post.
ODL was first introduced in 2018 in an effort to resolve problems with cross-border payments. ODL is now, however, also focusing on enterprises.
Ripple made its payment solution available outside of financial institutions in order to satisfy the rising demand. In addition to serving individuals, ODL now offers corporate services to clients including Nutrisource, Oceanus, Valency, and New Horizon in a range of industries like retail, agriculture, e-commerce, technology, and supply chain.
According to Dianne Nguyen CEO of Hai Ha Money Transfer, Ripple’s ODL solution will address the industry’s longstanding issues with pre-funding and fund settlement speed. He stated;
“Since partnering with Ripple and utilizing ODL, we’ve been able to better manage our capital requirements and funding flows, thereby allowing us to offer a near real-time payout for our customers”
The XRP price just like any other token is waiting out the financial contagion caused by the FTX collapse. At the time of writing, XRP is now trading at $0.3833.
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