Surprising Statement From Ripple CTO: Even Without XRP!
Ripple CTO David Schwartz states that fiat-fiat transactions supported by the ODL product can run “without any XRP infrastructure”
Ripple CTO: ODL product can run “without any XRP infrastructure”
David Schwartz, blockchain payment provider Ripple ‘s CTO, announced that the optional liquidity (ODL) solution that allows instant cross-border payments can work without any XRP infrastructure. Ripple’s CTO claims that XRP, the fourth largest cryptocurrency, can be used to deliver “the greatest impact” when it comes to “customers’ ready-made offer.”
Ripple aims to solve one of the biggest shortcomings of the old banking system by eliminating the need for pre-financing. The product, previously known as xRapid, can bridge different fiat currencies and is used as a source of XRP crypto money liquidity in the product. When asked if ODL can work without buying or selling XRP, David Schwartz said he can work, so it doesn’t have to be a fiat-fiat transaction. For example, if the sender already has XRP, or the recipient may be willing to accept cryptocurrency instead of fiat.
Ripple announces 28 new deals covering XRP
Multiple Ripple partners like FlashFX and MoneyGram are currently relying on ODL for money transfer. Mercury FX recently confirmed that it is still using the product with the help of XRP. Ripple has ODL corridors that have routinely reached all-time highs in terms of transaction volumes in Australia, the Philippines and Mexico so far.
As previously reported, the company announced that it has signed 28 new agreements covering XRP. The fourth largest cryptocurrency, Ripple, is trading at $ 0.19 with minor losses at the time of writing. Popular altcoin currently has a market value of $ 8.5 billion. At the time of writing, Ripple manages a last 24-hour transaction volume of $ 1 billion at market value.