Ripple announced on Wednesday that their global payments network RipleNet has reached 300 customers, with more than two dozen customers currently using the firm’s On-Demand Liquidity (ODL) to perform cross border payments, leveraging XRP.
The On-Demand Liquidity (ODL) feature, which was announced almost a year ago, leverages Ripple’s digital asset XRP to execute cross border payments without the need for pre-funding. From the end of Q1 until the end of October, the number of transactions using ODL has grown more than 7 times.
Ripple’s ODL launched payment corridors in Mexico and the Philippines first, expanding to Australia soon after. The firm plans to launch payments corridors for Brazil soon, with Asian-Pacific (APAC), Europe, Middle East and Africa (EMEA), and Latin America (LATAM) corridors scheduled to launch next year. According to Ripple CEO Brad Garlinghouse, the company has seen “continued momentum with customers, growth of RippleNet and adoption of On-Demand-Liquidity” which has led to the company continuing the “momentum into next year,” expanding ODL into new markets.
Some of RippleNet’s ODL customers include MoneyGram, FlashFX, and Interbank Peru. According to MoneyGram CEO Alex Holmes, their partnership with Ripple has helped the money transfer company to improve its global liquidity and settlement engine, which is used by customers to send money in more than 200 countries: “for the first time ever, we’re settling currencies in seconds,” which has led the company to expand their partnership with Ripple to offer foreign currency trades with the Philippine peso using ODL.
Additionally, the announcement also mentioned that RippleNet, which does not use XRP by default, has surpassed 300 customers, with the payments network experiencing a 10x year-over-year growth in transactions by their global network of banks, financial institutions and payment providers.
Since the announcement, the price of XRP hasn’t experienced any significant movement, with yesterday’s opening and closing prices at $0.301285 and $0.309669 respectively. At press time XRP is at $0.290982
XRP price chart via COIN360