- Ripple still on schedule to Launch New XRP Cross-border Corridors in Other Countries Before the End of the Year
- The Last XRP Corridor Was Launched in Brazil Less than A Month Ago
Ripple News Today – In a recent statement, Ripple announced that it is making plans to open remittance corridors in multiple countries before the end of the year. The announcement was made by Ripple’s Asian executive Asheesh Birla who said that the world’s current socio-economic situation provides the perfect environment for digital payments to blossom. The socio-economic situation Birla is referring to is the financial effect of the lockdown caused by the Covid-19 pandemic. Since major cities all over the world have been struggling to stay afloat, people are beginning to demand digital payments.
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In Birla’s words; “Especially important during times of crisis due to the exposure risk and increased volatility. Ripple is on track to open new ODL corridors this year and we’re onboarding new customers and working with existing customers to ramp up ODL volume in important corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD.”
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Birla is sure that more ODL corridors are set to be launched this year. He admitted that things might be different after the Covid-19 pandemic but the XRP’s payment settlement methods will still be in the middle. He continued;
“We are continuing to focus on supporting low-value, high-frequency payments with ODL—though transaction volume may look different in this new world. In particular, we are reducing the emphasis on large treasury payments—which are traditionally used to fund businesses and services in the absence of real-time transfers—to support individual, low-value transactions, addressing the growing need in remittances and SME payments. This may reduce overall ODL transaction volumes.”
Birla’s statement is in line with what Ripple’s CEO Brad Garlinghouse said during an interview with CNN. He said that the XRP cross-border remittance network was able to process up to 7.5% of the United States to Mexico’s money flow in February. This equated to about $54 million which is not bad for a blockchain-based financial institution that is just starting to gain popularity.
Ripple News Today – The Last XRP Corridor Was Launched in Brazil Less than A Month Ago
Less than a month ago, Ripple launched a new ODL corridor in Brazil. At the time, everyone expected that new corridors would be opened in different parts of the world. Despite all these announcements, Ripple XRP has continued to trade lower against the USD. At the time of writing, the price of the token was $0.184362. It is down by 2.22% against the USD and down by 0.67% against Bitcoin. The trading volume over a 24 hour period is $1,126,815,513 and the market capitalization is $8,159,448,754.