- Ripple News Today: Finablr, the Ripple-powered Solution Posts a 22% Rise in Revenue
According to recent reports, Finablr, a partner of Blockchain network Ripple, published an update regarding its revenue for the last quarter. The company posted a rise in revenue of about 22.1%. The Ripple news revealed that renowned remittance platforms that depend on ODL (Ripple’s On-Demand Liquidity) are reportedly making progress in the issue of adoption for the XRP token. This is done to bridge the gap between the local fiat currencies and post profits rise. Now for today’s Ripple news shows that Finablr payment service recently posted data related to its earnings which has risen by 22.1% year-on-year.
Ripple News Today: On-Demand Liquidity Usage caused the High-Profit Margins
Per the Ripple news today the Finablr payments service reportedly posted earnings of about $182.3 million year-to-date (which amounts to a 15.6% gain) and an average total rise of 22.1% year-on-year. Going by the Ripple news, the company also shared the names of firms whose partnership helped push its high performance for the year. Even though the Blockchain network, Ripple isn’t mentioned directly in the original report, it has already been announced at an earlier date than Finablr now functions on Ripple. The payment processor also uses Ripples ODL (formerly xRapid) and Ripple’s XRP (which gives the coin extra liquidity).
XRP (XRP) Price Today – XRP / USD
# Name Price 24H % 4 $0.199
Recall that last month, Finablr announced that it teamed up with South Korean electronics giant Samsung to ensure that its remittance service is delivered to 50 countries around the world through Samsung’s crypto wallet. The wallet is built-in in Samsung’s new smartphones. Ripple-backed Flash FX has also launched a new payment corridor that will function from Australia through the Philippines, with ODL and RippleNet. Flash FX said this in an official tweet:
“We are pleased to announce the opening of the new Ripple On-Demand Liquidity payments corridor from Australia to the Philippines and are now fully functional on RippleNet.”
As for On-Demand Liquidity, it is being integrated by global payments processor MoneyGram. Recently, it was also reported that the payment processor revealed that 10% of its remittances to Mexico will be via ODL. For this reason, Ripple entered a partnership with the biggest Latin American exchange, Bitso. Now MoneyGram transfers XRP directly to where the coins are later converted into the peso. However, even though ODL and XRP are actively used here, plus the 300 partners Ripple made this year, XRP price is still trading below $0.30.