Crypto payments firm Ripple Labs appears set to expand in Europe despite the downturn in the nascent industry. The company behind the popular crypto XRP has signed agreements with two payment service providers in France and Sweden.
The San Francisco-based firm’s expansion plans center around On-Demand Liquidity (ODL), a service that enables instant payment settlements and eliminates pre-funded destination accounts. The company aims to boost its ODL business and establish a stronghold in Europe through these partnerships.
The news about the latest partnership was announced via a press release on 11 October.
In France, the fintech firm has entered into a deal with Lemonway, a Paris-based regulated payments provider for online marketplaces. France’s bullish attitude towards crypto and its underlying technology seem to have triggered the deal. Accordingly, Lemonway will use RippleNet’s ODL, which leverages XRP for crypto-enabled payments, to enhance its treasury payments processes.
Ripple also sealed a deal with Xbaht, a Swedish money transfer provider that focuses on remittance payments between Sweden and Thailand. The collaboration will enable Xbaht to offer instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.
RippleNet to faciliate ODL expansion
RippleNet is a decentralized global network of banks and payment providers. It provides real-time messaging, clearing, and settlement of financial transactions using Ripple’s distributed financial technology. RippleNet has processed more than $15 billion in payments annually, according to the press statement. Powered by RippleNet, Ripple and its new patrons will make it easier for consumers and businesses in France and Sweden to make real-time payments across borders.
Thanks to the new deals, Ripple’s ODL now enables payouts in 25 markets, including Singapore, Malaysia, Poland, Indonesia, and Thailand. Lemonway and Xbaht join the league of companies such as FINCI, FlashFX, FOMO Pay, and SBI Remit that are powered by Ripple’s ODL.
Despite the ongoing SEC vs. Ripple lawsuit, the demand for Ripple’s services in Europe is reportedly strong. According to Ripple’s New Value research, 70% of respondents at European financial institutions believe in the future prospects of the blockchain industry.
