- FlashFX Co-Founder declares Ripple XRP as an actual problem solver
- Ripple’s ODL is not a scam – Nicolas Steiger
The co-founder of FlashFX, Nicolas Steiger claims Ripple’s remittance product is real and it is a solution of remittance problem. FlashFX is one of Ripple’s oldest partner, they were also among the first companies to start utilizing Ripple’s On-Demand Liquidity (ODL), which uses Ripple’s XRP to transfer money globally.
In a recent interview with Crypto Eri, Nicolas Steiger answered to Ripple’s critics who question the company’s business model. During the interview, Steiger was asked if Ripple pays FlashFX to be a client and if On-Demand Liquidity is a rip-off. Steiger responded that his company made a deliberate decision to utilize Ripple.
XRP (XRP) Price Today – XRP / USD
Steiger states that regulatory issue is one of the biggest issues the company is facing, followed by the mass adoption of the digital assets among banks and fintech companies.
He explained: “When a bank or organization has more certainty around the regulatory aspects and is more positive around the risk at the time of using XRP as a digital asset, then they can turn it on without anyone even knowing. It just happens. It becomes a smoother process of integrating and enabling participants using ODL.”
Ripple’s ODL is not a scam – Nicolas Steiger
Commenting on whether Ripple’s ODL project is a scam or not, Steiger went thus:
“For us, we’ve wanted to use Ripple for a long time. And we see the value. We still use Swift. We now use ODL. We have the integration that we had from day one on ledger where we’re using XRP… It’s not a scam. It solves a real-world problem. It solves a real use case. A use case that I’ve been believing in for a long time.”
Ripple’s ODL was launched in October 2018, and the road map of the project states the payment solution can provide financial institutions and companies an innovative way to transfer money without having to keep money in banks around the globe.
Since the launch of Ripple’s On-Demand Liquidity, Ripple has opened payment channels between Mexico, the U.S, and the Philippines. Steiger mentions he is expecting Australia, where FlashFX is based, will be the next. Ripple’s CEO Brad Garlinghouse has hinted on several new channels that may be in the works, but no official statement has been released by the company.
Ripple Price Analysis – XRP seems to be doing well on the day with a 10.39% increment over the past 24 hours, the coin is exchanging hands at $0.21.