Tag: ODL

Ripple Receives Approval for Digital Payment License from MAS

by Blockchain News

Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has announced a significant milestone for its Singapore subsidiary, Ripple Markets APAC Pte Ltd. The company has obtained in-principle approval for the Major Payments Institution License application from the Monetary Authority of Singapore (MAS). This approval will enable Ripple to offer regulated digital payment token products and services within Singapore, while also expanding the adoption of its crypto-enabled On-Demand Liquidity (ODL) service.

In 2022, Ripple’s ODL service witnessed remarkable growth globally, with a majority of this expansion driven by its operations in Singapore. Singapore serves as the company’s Asia Pacific headquarters, and during that period, a significant portion of global ODL transactions flowed through the city-state. As a result of this exceptional growth trajectory, Ripple has doubled its workforce in Singapore over the past year across various departments including business development, compliance, finance, legal, and sales. The company plans to further increase its presence in the rapidly expanding Asia Pacific region.

Brad Garlinghouse, Chief Executive Officer of Ripple, expressed his pride in receiving the in-principle license from the MAS, highlighting the company’s commitment to the region and its ongoing collaboration with global regulators. Garlinghouse acknowledged the MAS as a global leader in establishing clear regulatory guidelines that recognize the innovation and real-world utility of digital assets, emphasizing their benefits to the global financial system. Ripple aims to strengthen its partnership with MAS to collectively drive the growth and development of the digital assets ecosystem in Singapore.

Stu Alderoty, Chief Legal Officer of Ripple, emphasized the significance of Singapore’s early leadership in developing a clear regulatory framework for cryptocurrencies. He stated that the in-principle regulatory approval from the MAS will enable Ripple to better support forward-thinking customers seeking to leverage blockchain and crypto technologies in building a more inclusive and borderless financial system.

As part of its ongoing engagement with MAS, Ripple’s CEO Brad Garlinghouse will be speaking at the Point Zero Forum in Zurich, Switzerland on June 27, 2023. The event will provide a platform for discussing the resurgence of innovation in digital assets through investment and thoughtful regulation.

Ripple is a prominent player in the enterprise blockchain and crypto solutions industry. The company’s solutions are designed to revolutionize how value is moved, managed, and tokenized worldwide. By addressing long-standing inefficiencies, Ripple’s business solutions offer speed, transparency, and cost-effectiveness. Through collaboration with partners and the larger developer community, Ripple identifies use cases where crypto technology can inspire new business models and create opportunities for more individuals. 

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XRP Spikes Double Digits As Ripple Announces Expansion of On-Demand Liquidity Program to Japan

by Dailyhodl

XRP jumped in price this week after Ripple announced it is expanding its cross-border payment product, On-Demand Liquidity (ODL), to Japan.

SBI Remit Co., the largest money transfer provider in Japan, partnered with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade in order to use ODL to power remittances from Japan to the Philippines, according to a new announcement from Ripple.

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The effort represents XRP’s first ODL service implementation in Japan.

Nobuo Ando, representative director of SBI Remit, says that the first ODL launch “is just the start” of the company’s financial innovations.

“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”

According to Ripple, a total of $1.8 billion in remittances moves from Japan to the Philippines annually, and Japan has one of the highest remittance costs in the world at 10.5%, which is almost twice as much as the 5.92% average across all the G8 countries.

ODL transactions accounted for $2.4 billion in notional value in 2020, according to RippleNet general manager Asheesh Birla.

A few hours after the announcement, XRP went from trading around $0.6348 to a high of about $0.74566 – a more than 17% increase. The asset is trading at $0.715701 at time of writing, according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Naeblys

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Patent Reveals Ripple’s ODL Can Be Used by Banks, Governments, and Corporations

by Btcmanager

Ripple Labs Inc.–the developer of the XRPL, on Jan 26, has received a patent for a “Network computing system implementing on-demand liquidity for cross-medium transaction services,” records from the U.S. Patent Office shows.

A Value Transfer System

It is more than a year after application.

The patent office says the inventors of the ODL are Warren Paul Anderson, Dadi Armannsson, Jesse Brauner, Gunnar Kristjansson, Conner McNamara, Yana Novikova, and David Opler.

Specifically, part of the patent’s abstract describes the system as providing a guaranteed exchange rate. It can also manage customer pools and slippage balances in digital wallets to “adjust digital currency transfer amounts to align them with the guaranteed exchange rate.”

ODL Useful for Banks, Governments, Corporations, and NGOs

On-Demand Liquidity (ODL) is Ripple Inc.’s creation that enables partnering bank or financial service providers to transfer funds cheaply and instantaneously across jurisdictions using the XRP coin.

The ODL is a tool built on top of the xCurrent messaging system that is open-source and is part of the RippleNet suite.

As of Feb 2021, over 400 banks are part of RippleNet.

However, according to the ODL patent now assigned to Ripple Labs Inc., the system can transmit anything of value beyond currencies.

The XRPL enables real-time gross settlement of other digital currencies, stocks, bonds, securities, and much more.

Accordingly, the service can be valuable not only for banks but large corporations, government entities, NGOs, and companies seeking to move value through Ripple’s network cheaply and instantaneously.

Partnering Crypto Exchanges

Allowing this is the network of Ripple’s partner exchanges. Some of them include Bitso, Coins.ph, and Bitstamp.

During the initial stage, queries for the best pricing are made. Once discovered, XRP acts as a bridge.

If the order is big, it can be broken down into smaller chunks for the best pricing before transmission to the end-user.

The SEC Lawsuit

Despite legal challenges that threaten to throw the role of XRP to disarray, ODL ended the year strongly as per Q4 2020 summary report.

Trading volumes rose 12X on a year-on-year basis, and Ripple has on-boarded 15 more customers despite the U.S. Securities and Exchange Commission (SEC) lawsuit.

As BTCManager reported, Coinbase was sued for helping Ripple raise billions by selling XRP.


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Ripple to Cash In One-Third of its Stake in MoneyGram

by Blockchain News

Leading blockchain payments company Ripple plans to sell a third of its stake in American money transfer firm MoneyGram. Ripple currently has a stake of $6.22 million or 8.6% of outstanding shares in MoneyGram as published by the U.S. Securities and Exchange Commission (SEC).

XRP, Ripple, Moneygram, ODL

Pumping Ripple’s On-Demand Liquidity into MoneyGram

The SEC further expounded that Ripple has a warrant to purchase additional shares amounting to 5.95 million. As a result, the total equity stands at 12.2 million shares. Based on this information, Ripple is cashing in nearly 4 million shares or nearly 33.3% of its whole stake. Nevertheless, once the deal is sealed, the blockchain payments giant will still own 4.44% or about 3.22 million shares of MoneyGram.

In November 2019, Ripple finalized its $50 million equity investment commitment. It purchased the newly-issued equity from MoneyGram at $4.10 per share and paid a significant premium on MoneyGram’s market prices. The funding was to support MoneyGram’s operations as the company continued to increase the volume and use of On-Demand Liquidity, Ripple’s product that leverages the digital asset XRP.

Ripple continues making headway

Despite the sale of a third of its stake in MoneyGram, Ripple has previously pumped in huge investments in this company. For instance, Ripple invested $9.3 million in market development fees to MoneyGram remittance services. Precisely, after a deduction of $0.4 million in transaction and trading expenses, the money sender saw a net benefit of $8.9 million come from Ripple.

After emerging from the shadows with its bullish run, Ripple’s XRP token more than doubled in price within a week span. As a result, outperforming Bitcoin (BTC) and Ethereum (ETH) because it surged by 110% on CoinMarketCap.

On a monthly perspective, the cryptocurrency has more than tripled in value, as it began the month of November at lows of 20 cents. In comparison with Bitcoin and Ethereum, which have both recorded weekly gains of 10% and 20%, respectively, Ripple has had the best run of the three cryptocurrencies.

Furthermore, Ripple’s blockchain-powered XRP ledger is touted to be superior to the SWIFT financial network adopted by banks worldwide because it is more secure, cheaper, and more transparent. 

Image source: Shutterstock

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