The long-standing legal battle between Ripple and the SEC in the US has not stopped the firm from advancing into other markets. For example, ripple announced its first On-Demand Liquidity partners (ODL) in France and Sweden via press release.
Ripple continues its expansion into the European markets to provide online payment services leveraging its XRP token. In the press release, Ripple announced that it would join forces with Lemonway, an online marketplace payment provider based in Paris.
Ripple revealed that Lemonway would utilize RippleNet ODL for crypto-enabled payments to enhance its treasury payment processes. This new partnership comes when France is embracing the potential of blockchain technology.
What Ripple Partnership Means To Lemonway And Xbaht
Through its partnership with Ripple, Lemonway would improve operational efficiency while eliminating the issue of pre-funding abroad accounts. This would allow the firm to recover trapped pre-fund capital and increase its business scale.
Ripple also announced a second partnership with Xbaht-a Swedish money transfer provider. In the Ripple partnership, Xbaht would utilize Ripples’s ODL to power instant affordable retail remittance payments.
Xbaht is a firm that facilitates money transfers between Sweden and Thailand. The new ODL partnership between Xbaht and Ripple is supported by Tranglo, a cross-border payment hub in Singapore.
Jeremy Ricordeau, the COO of Lemonway, believes that Ripple ODL would enable his firm to improve its treasury operations and make payments more flexible.
Furthermore, Michael Anderson, CEO of Xbaht, said the partnership would facilitate easy remittance between Sweden and Thailand.
Ripple’s Continuous Exploration In Europe: How’s XRP Faring?
Send Young, the managing director of Ripple’s European branch, gave his statement regarding the new partnership. Young said his team is happy to work with Lemonway and Xbaht, their first ODL customers in France and Sweden. According to him, Ripple aims to use blockchain and crypto technology to build real use cases.
Young added that the Ripple/Lemonway and Xbaht partnership would eradicate the problems associated with cross-border payments. He further stated the project would improve cross-border payments’ speed, reliability, and cost-effectiveness.
While XRP gains momentum in the European market, its native token (XRP) saw a 7% decline in the last 24 hours. XRP’s price slump occurred after nearly two months of massive price action following a 65% price increase.
However, Ripple’s Lawsuit continues, with proponents hoping to win against the SEC, which may further support the XRP price. XRP is currently trading at approximately $0.48.
According to Ripple’s press release, the demand for the firm’s products maintains a notable strength. Additionally, Ripple conducted Value Research in Europe. The research reveals that 70% of respondents in European Financial institutions believe blockchain tech will impact their businesses significantly in the next five years.
Meanwhile, France has witnessed rapid crypto adoptions in the last year. Binance recently expanded its reach to France, obtaining a license from Frances’s Autorite des Marches Financiers (AMF). The AMF is the regulatory body for financial markets in France.
Featured image from Pixabay, Source: TradingView.com