An official at Ripple, the blockchain company behind the fourth-largest digital currency (XRP), has revealed in a recent blog post that the company is set to open more Ripple ODL corridors later this year. It will equally ramp up ODL volume on existing corridors, where necessary.
Ripple On-Demand Liquidity (ODL) to enable a convenient payment system
In the report, Asheesh Birla, the Senior Vice President of Product at Ripple, emphasized on the need for a cheaper, yet a faster system for remittance amid the present financial crisis spurred by the coronavirus pandemic. In an effort to enable this, Birla revealed the blockchain company is on track to open more Ripple ODL corridors.
He noted that the Ripple ODL corridors would be launched later this year, which perhaps, adds to the already-existing ODL corridors in different countries such as Australia, Mexico, the Philippines, and Europe. More so, Birle said that they would ramp up ODL volume on the importance of existing corridors like USD-PHP, EUR-USD, and more.
More Ripple ODL corridors will aid in remittance
The development is coming at the time where the need for sending funds across countries conveniently is very crucial, and Birla believes Ripple ODL corridors could help at this point. The Ripple official explained that ODL does not necessarily require prefunding, as seen with some other traditional systems for sending money across countries.
According to Birla, ODLs can be able to process cash transactions faster, and affordably through the XRP cryptocurrency, and RippleNet. Besides, he believes that Ripple ODL will be adopted significantly, as digital payments have been an ideal solution for financial transactions, amid the current pandemic.
As businesses continue to migrate online, coupled with the fact that physical currency could spread the virus, Birla believes there will be more adoption of Ripple ODL. Already, the volume of digital transactions across payment companies like Western Union and MoneyGram (which uses Ripple ODL product) increased around 40 percent.