Struggling with the uncertainty of the long-running SEC lawsuit, Ripple continues its overseas partnership initiatives despite all the troubles.
Continuing to rapidly increase the number of its partners, the company has recently announced that it will partner with international fintech company Pyypl to deploy the first in-market On-Demand Liquidity (ODL) services in the Middle East.
We’re thrilled to share that we’re partnering with @Pyypl to bring #ODL to the Middle East for the first time! https://t.co/I96xdXv6fw
— Ripple (@Ripple) October 26, 2021
According to Ripple, which focuses on the Middle East closely, Saudi Arabia and the UAE made remittances of approximately $78 billion last year. The MENA region contains two of the world’s top three remittance corridors. This being the case, Ripple, who almost had an appetite, rolled up his sleeves and sat at the table with Pyypl. The partnership project in question is planned to start in the UAE.
On the other hand, despite being based in the USA, the company, which received the biggest obstacles from the USA, sees cross-border countries as a lifeline. One of the most important reasons for the company to partner with Pyypl, the payment giant of the Middle East region, is that Pyypl, which is headquartered, serves Africa and Central Asia regions in addition to the Middle East.
Thanks to the partnership in question, it is expected that a large number of remittances will be made on the Ripple network and the ODL product will be used. In a way, this means that XRP is also used in payments. Such developments excite Ripple lovers the most, because each partnership of the company increases the recognition and usage area of XRP.
Ripple, which has the opportunity to expand further in the Middle East with its regional headquarters in Dubai in 2020, continues to attract attention by surviving despite the SEC and getting stronger day by day.