Ripple Set To Launch Several Capabilities This Year To Scale XRP Based ODL
Just yesterday, the Ripple Swell conference wrapped up, with CEO Brad Garlinghouse announcing massive milestones for the adoption of RippleNet and On-Demand Liquidity (ODL). One of the main focuses of the conference was on the development of Central Bank Digital Currencies (CBDCs).
In a new blog post, Ripple has now also revealed that the company is projecting massive growth over the next year. At the conference, Garlinghouse announced that nearly 40 payout markets are now live on ODL, representing 90% of the currency markets.
Additionally, just this week the company entered into a potentially gigantic partnership with MFS Africa. The company, with over 400 million users and more than 800 payment corridors in Africa, has the largest mobile money presence on the continent. The San Francisco-based fintech has thus conquered its sixth continent.
We recently announced various new ODL customers and are proud to say ODL payout markets include Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, the UK-the list goes on.
Related Reading: Ripple CEO Garlinghouse Unveils Massive Milestones At Swell Conference
To cope with the growth, Ripple is working on machine learning capabilities to further improve the customer experience. The technology aims to make the payment process more efficient while managing liquidity “at the utmost level to support a range of transaction types”.
Devraj Varadhan, SVP of engineering at Ripple further remarked that the machine learning and automation efforts are focused on liquidity, the backbone of all the company’s products. The launch is expected to take place as early as this year
“As Ripple’s products reach significant growth and scale in 2022, we continue to invent and deliver solutions to sustainably grow ,” Varadhan said, adding, “We’re excited to launch several of those capabilities this year to scale ODL efficiently to serve more customers globally and to provide the best experience possible for our customers.”
Ripple: ODL Is Experiencing Massive Growth
As Ripple states in the post, the XRP token-based payment technology is experiencing rapid growth. ODL was originally introduced in 2018 to overcome issues with cross-border payments.
However, ODL is now targeting businesses as well. To meet the growing demand, Ripple expanded its payment solution beyond financial institutions. Now, ODL also serves corporate clients such as Nutrisource, Oceanus, Valency and New Horizon in a variety of segments including retail, agriculture, e-commerce, technology and supply chain.
Related Reading: Ripple Vs. SEC: Judge Grants Amici Briefs, SEC Playing Dirty?
“Ripple’s ODL solution answers the industry’s age-old problems of pre-funding and speed of fund settlement. 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” said Dianne Nguyen, CEO of Hai Ha Money Transfer.
After the FTX bankruptcy, the XRP price is like the entire crypto market in a wait-and-see, eager to see if there will be further contagion effects. At the time of writing, XRP was trading below the 50, 100 and 200 Simple Moving Averages (SMA) on the 1-day chart. The RSI is in neutral territory at 43.