Connect with us

Hi, what are you looking for?

ELEVENEWS

Ripple

Ripple’s ODL fiat-to-fiat transactions do not need XRP infrastructure – CTO David Schwartz

  • Ripple’s new flagship product ODL can work as a piece cut out disregarding XRP infrastructure.
  • Ripple aims at toppling Swift as the world’s most used cross-border funds transfer platform.

The Chief Technology Officer at Ripple, David Schwartz in a recent tweet said the company’s product, On-Demand Liquidity (ODL) has the ability to function without XRP infrastructure. ODL is Ripple’s blockchain payments platform utilized mainly for cross-border transactions while allowing companies to create liquidity even in new markets.

“ODL can work with a piece cut out. One-piece would be cut out if the sender had XRP already. One-piece would be cut out if the recipient will accept XRP. If both apply, it’s just an XRP payment.”

Schwartz continued:

We chose to do fiat first foe a few reasons, but the biggest one is that it can work with no XRP infrastructure at all, so could be deployed fastest. Then we could use XRP where it could provide the most impact with a ready supply of customers and payments to tap into.”

ODL is Ripple’s for xRapid payments product that has been performing incredibly well since its rebrand and launch. MoneyGram is already using ODL to power some of its payments corridors. Ripple aims to open more payment corridors in 2020.

  • Ripple’s new flagship product ODL can work as a piece cut out disregarding XRP infrastructure.
  • Ripple aims at toppling Swift as the world’s most used cross-border funds transfer platform.

The Chief Technology Officer at Ripple, David Schwartz in a recent tweet said the company’s product, On-Demand Liquidity (ODL) has the ability to function without XRP infrastructure. ODL is Ripple’s blockchain payments platform utilized mainly for cross-border transactions while allowing companies to create liquidity even in new markets.

“ODL can work with a piece cut out. One-piece would be cut out if the sender had XRP already. One-piece would be cut out if the recipient will accept XRP. If both apply, it’s just an XRP payment.”

Schwartz continued:

We chose to do fiat first foe a few reasons, but the biggest one is that it can work with no XRP infrastructure at all, so could be deployed fastest. Then we could use XRP where it could provide the most impact with a ready supply of customers and payments to tap into.”

ODL is Ripple’s for xRapid payments product that has been performing incredibly well since its rebrand and launch. MoneyGram is already using ODL to power some of its payments corridors. Ripple aims to open more payment corridors in 2020.

News Source

Advertisement

Copyright © 2020 Elevenews