San Francisco-based blockchain startup Rippleexpands its stronghold in the Middle East and North Africa (MENA), one of its strongest remittance corridors. On Monday, October 25, Ripple said that it is preparing for the first-in-market Liquidity On Demand (ODL) rollout for the Middle East.
For this, Ripple has an international blockchain partnered with Pyypl, a financial services technology company. In this on-demand liquidity distribution, Ripple’s native cryptocurrency XRPwill be used. This will help facilitate instant and low-cost cross-border payments, while eliminating the need for costly pre-funded accounts.
Antti Arponen, co-founder and CEO of Pyypl, said in a statement, “We are excited to be Ripple’s first choice partner to bring ODL distribution to the Middle East. This will enable an ever-increasing number of our users to send remittances instantly and cost-effectively.” used the phrases.
Unlocking great opportunities in the MENA market
Traditional players in cross-border payments have lagged far behind in implementing innovative solutions. Ripple is solving this industry’s trillion-dollar problems using ODL services. Moreover, Ripple states that the Middle East addresses two of the world’s three largest remittance corridors with Saudi Arabia and the UAE.
Brooks Entwistle, Managing Director of RippleNet in APAC and MENA, said in a statement about the region:
“With our outstanding client roster, a pleasant regulatory environment, and a regional focus on needed improvements in the current financial system, MENA remains a critical region for Ripple. The establishment of another market-first ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments.”
It is worth noting that before entering the MENA market, Pyypl launched ODL services in the Philippines.
Finally, the announcement didn’t have a big impact, but Ripple’s XRP continues to trade just above $1.12 after gaining around 2.52 percent in the past 24 hours.