Ripple has announced the launch of RippleNet’s first-ever On-Demand Liquidity implementation in the Middle East. The company does this in collaboration with Pyypl.
Collaboration with Pyypl
Ripple, the provider of enterprise blockchain and crypto solutions for cross-border payments, has announced that it has partnered with Pyyp. Pyyp is a global blockchain-based financial services technology company based in the Middle East and Africa. Ripple has partnered to launch RippleNet’s ODL implementation in the Middle East.
With the latest partnership, Ripple plans to ease the remittance corridors in the region. The On-Demand Liquidity (ODL) service uses XRP for efficient and cost-effective cross-border payments.
In addition, Ripple emphasized the importance of the MENA region for the company’s global expansion. Brooks Entwistle, RippleNet’s Managing Director in APAC and MENA, said:
“MENA remains an important region for Ripple due to our excellent customer base, a welcoming regulatory environment and a regional focus on necessary improvements to the current financial system. The creation of the first ODL launch on the market demonstrates that the digital asset can play a pivotal role in the future of global payments.”
The Middle East has some of the world’s largest remittance corridors. It has a combined value of approximately $78 billion. The UAE and Saudi Arabia have launched several initiatives in 2021 to support the digital transformation in the financial sector.
Looking forward to cooperation
Ripple’s ODL service became hugely popular with global financial institutions in 2021. In July, Ripple introduced the first live ODL offering in Japan. In addition, the company acquired a 40% stake in Tranglo, one of the fastest growing cross-border payment companies in Asia. Antti Arponen, co-founder and CEO of Pyypl, said:
“We are excited to be Ripple’s first partner to bring ODL implementation to the Middle East. This enables our ever-growing number of users to deliver money transfers instantly and cost-effectively. We have also reduced our inefficient use of capital through ODL. In addition, we look forward to rolling out its capabilities across the region.“