How This Ripple Partnership Will Expand The Use Of XRP For Treasury Payments


Payment company Ripple is expanding the use cases for its On Demand Liquidity (ODL) solution, according to a press release. The company will enable its partner I-Remit to improve its treasury funds flow and management.

I-Remit has been working with Ripple for over 3 years, using its On Demand Liquidity (ODL) to enable users to settle low-cost cross-border payments to the Philippines. Now, the company will use ODL to remove friction from the process of treasury payments.

Ripple And I-Remit Improve Treasury Management

According to the release, this will translate into I-Remit being able to access its funding requirements 24/7 with a global settlement. Thus, removing the need to pre-fund any accounts and providing the company with the capacity to scale its business operations across the world.

I-Remit joins FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl, and others, according to the payment company. Senior Vice President and Managing Director at Ripple, Brooks Entwistle said:

Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems. We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business.

XRP On Fire Following Potential Lawsuit Settlement With The SEC

Since late 2020, Ripple has been stuck in a legal battle with the U.S. Securities and Exchange Commission (SEC). The regulator accused the payment company and three of its executives of allegedly offering unregistered security, XRP.

The token is used in a number of payment solutions and the RippleNet to facilitate payment settlements, treasury management, and more. Despite the SEC lawsuit as Entwistle and other executives claimed, the company has been able to continue growing and increasing the liquidity supported by its products.

On their latest partnership expansion, Harris Jacildo, Chairman and President of I-Remit added:

As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines. We’re excited for this next chapter of our well established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers.

As Bitcoinist reported, the legal battle might be turning favorable for the payment company as the parties could reach an agreement. The crypto market seems to be betting on a positive outcome.

At the time of writing, XRP’s price trades at $0.44 with a 2% and 24% profit over the last 24 hours and 7 days, respectively. ODL’s native token is moving on its own as the rest of the crypto market trades under extreme fear territory and with heavy losses on similar time periods.

XRP’s price with minor gains on the 4-hour chart. Source: XRPUSDT Tradingview

Articles You May Like

Bitcoin nears $27K despite ‘hot’ PCE data sparking June rate hike bets
Uniswap DAO rejects plan to charge LP fees; UNI holders cite tax concerns
Fed board issues order to Silvergate Bank as part of self-liquidation plan
CNHC stablecoin issuer detained by Chinese police: Report
Crypto firms jockey for Hong Kong licenses ahead of June 1 retail opening