Popular blockchain and Cryptocurrency solution firm, Ripple inc, has announced its partnership with Paris-based payment service provider, Lemonway. The crypto solution provider confirmed the development in a blog post on Tuesday. Through the partnership, Ripple aims to introduce its first On-Demand Liquidity(ODL) to customers in France.
As revealed, the partnership allows Lemonway to utilize Ripplenet ODL. The Ripplenet ODL uses XRP for crypto-enabled payments and strengthen its treasury payments processes.
Notably, Ripple’s partnership with Lemonway comes during a time France is openly embracing the cryptocurrency industry.
In addition, the firm partnership with Ripples allows it to drive operational efficiencies by eradicating the need for Lemonway to pre-fund accounts abroad. The partnership avail Lemonway the opportunity to use previously trapped pre-funded capital to expand and scale its business.
How Ripple engaged in various partnership to expand its ODL usage
Previously, Ripple also partnered Swedish money transfer provider, Xbaht. Xbaht is Ripple’s second ODL customer and first partner in Sweden. Through the partnership, Xbaht will provide instant and cost-effective retail remittance via ODL. The service will be supported by Singapore-based cross -border payment hub, Tranglo.
The crypto solutions provider hopes to use its platform to make real-time payment easier for customers and businesses across France and Sweden. According to its Managing Director in Europe, Sendi Young, the firm is focused on using blockchain and crypto to provide real-life solutions since its inception. Young noted that this focus makes the firm an ideal partner for Lemonway and Xbaht to tap into global liquidity and eradicate difficulties associated with cross-border payment.
Recently, Ripple extended its partnership with I-Remit, the largest non-bank remittence service provider in Philippines. As revealed, the partnership will help expand I-Remit usage of Ripple’s On-Demand Liquidity solution to improve its cross-border treasury flows. Worth noting, I-Remit first emerged as Ripple’s partner in 2018. Notably, I-Remit uses blockchain-oriented enterprise solutions to clear cross-border payments in the most cost-effective way.
More so, Ripple also partnered with Travelex bank to unveil its On-Demand Liquidity(ODL) in Brazil. As revealed, Ripple ODL solution allows users in Brazil to instantly send money across borders using XRP. Notably, the development makes Travelex Bank the first to become registered and incensed by Brazil Central Bank as dealer in foreign exchange.