The Ripple and XRP ODL solutions are driving enterprise adoption and driving increased cross border payments. These are sentiments that have been expressed by BTC Markets, an Australia based exchange. There has been an increase in firms using Ripple and its native coin to transact business across the borders seamlessly.
Since its partnership with the payment processor last year, the exchange has experienced tremendous growth. The exchange singles out On-Demand Liquidity (ODL) remittance feature that makes transactions smooth through XRP transactions. This has increased uptake due to better transaction speeds in a secure environment.
Better trade volumes through the partnership
The partnership and implementation of Ripple and XRP ODL solutions feature have enabled the exchange record improved trade volumes says Caroline Bowler, the BTC markets exchange CEO. Bowler attributes the volume to business driven transactions:
Companies are using the asset to make more effective cross-border payments. This use case is a real differentiator to other digital assets.
Ripple and XRP ODL solutions drastically reduce time in transactions to the bare minimal and these are done in almost real-time. This has eased the traditional system friction of doing business. The Ripple digital asset is acting as the gateway between fiat-backed financial institutions and the on-demand digital currencies.
Why turn to Ripple and XRP ODL solutions?
The beauty of Ripple and XRP ODL solutions is reducing the time it takes to transact across the borders at reduced costs. However, for BTC Markets crypto exchange is the volumes the feature is bringing in. This is giving the exchange a competitive edge over others not embracing the XRP ODL feature.
To date there is no tangible data showing the volume transacted via ODL but Bitso, a Mexico based crypto exchange data paints a positive picture of its partnership with Ripple. Bitso says they have been able to move $179 through XRP from April last year to April this year. The feature could partly explain why the XRP value is inching up in recent weeks.