, 2023-01-07 12:53:35,
- Ripple records massive ODL utility within the $6 trillion FX market.
- The network is considering expanding it activities within UAE in the near future.
Ripple is one of the few blockchain-based digital payment networks starting the new year on a very promising note. Ripple’s On-Demand Liquidity (ODL) service is now available to nearly 40 payout markets, which is about 90 percent of the FX market.
According to a recent interview with Zawya, Navin Gupta, the Managing Director of South Asia & MENA at Ripple revealed that the FX market, which relies on Ripple’s ODL service records a staggering $6 trillion in daily transactions.
WrathofKahneman, a notable Ripple proponent, spotlighted the interview in a recent tweet, in which he highlighted some key takeaways.
Nice interview of #Ripple‘s Navin Gupta in Zawya. Some interesting points:
–@Ripple working w/ NYU Abu Dhabi on a cluster of startups
-A UAE Dev’s are building on #XRPL
-Notes Pyypl & LuLu Money
-ODL in 40 payout markets representing 90% of $6t daily FXhttps://t.co/sP5cWdq0zG
— WrathofKahneman (@WKahneman) January 6, 2023
Gupta mentions that within the Middle East and Northern Africa (MENA) region, there’s been a significant demand for crypto-based cross-border remittance services amongst finance institutions. The rising demands have resulted in an upsurge in the use of remittances within countries in that region.
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