Ripple continues to be proactive in introducing innovative technologies in international payments. Ripple is committed to helping consumers transfer funds more reliably, quickly, and with minimal fees. Ripple really achieves this, and the results are visible on the face. Despite some skepticism and even controversy, Ripple shows that blockchain is valuable and important for financial technology. Further promotion of Ripple depends on a number of significant events. Thus, ODL operates in five corridors at MoneyGram, and SBI Holdings has become Ripple’s leading partner in the RC Cloud project.
Ripple Continues to Be Active: Launching ODL in Five Corridors at MoneyGram
MoneyGram currently uses the Ripple ODL cross-border payment solution, that is, liquidity on demand, in five payment corridors around the world. In a recent webinar, Ripple’s senior vice president of product management and corporate development, Ashish Birla, mentioned the recent successes of Ripple projects, including XRP. According to a Ripple spokesperson, Bitso exchanged $ 18 million through XRP in the last weeks of December, and this figure has grown by 15-20% per week. For MoneyGram, as Ashish Birla emphasized, the movement through Ripple technology goes in five corridors. To some extent, due to liquidity on demand, Ripple XRP is currently the leading Mexican peso trading pair on Bitso with $ 8.4 million in XRP / MXN for 24 hours, compared to $ 3.0 million for BTC / MXN as reported by CoinMarketCap.
SBI Holdings Become a Leading Partner
Japanese financial giant SBI Holdings has become Ripple’s lead partner in launching the MoneyTap-enabled xCurrent money transfer application. SBI Holdings together with Ripple provide money transfer services in Thailand, Vietnam and other countries using a consortium of partner banks and Ripple xCurrent technology. SBI Holdings and Ripple Asia will use the Ripple xCurrent DLT solution as the underlying technology for their RC Cloud (Ripple Connect) payment network.
RC Cloud will allow users of the SBI MoneyTap money transfer application to send money across borders faster and cheaper than through SWIFT. The RC Cloud system will allow member banks to use Ripple xCurrent to send money in seconds to any other member bank that will provide funds to the recipient through the application. Under this arrangement, SBI Holdings owns a 60% stake, and Ripple will own the remaining 40%.