San Francisco startup, Ripple, has recorded an expansion in its payment networks, as it experiences adoption by an estimate of about 350 financial institutions globally, a senior executive of the startup has said.
Navin Gupta, the startup managing director for South Asia and MENA region in an interview boasted that Ripple had added about 50 more partnerships since 2019.
During the interview with an Indian law firm, Nishith Desai Associates on the 22nd of March, said Ripple has about 350 financial institutions making use of its technology daily, therefore the Ripple network is one of the biggest in the blockchain space as at today.
December 2019, CEO Brad Garlinghouse, mentioned that Ripple had the mind of expanding, and the expansion was aimed at growing the network customer by 30-40% in 2020.
To achieve this expansion Rippled had gone into a few notable partnerships. it sealed one with MoneyGram during the last summer.
The collaboration makes MoneyGram, the world’s second-largest money transfer company, to make use of the XRP native currency XRP for 15% of its transfers to Mexico.
Ripple on the way to opening new ODL corridors
In a separate development, Ripple’s Vice President of Product and Corporate Development, Asheesh Birla, on Monday, via the Ripple’s official network stated how the Ripple On-Demand Liquidity (ODL) could help tackle the current financial crisis experienced worldwide due to the Covid-19 pandemic.
According to Birla, faster and cheaper remittance are crucial during this time of financial crisis, as families remain scattered abroad, there could be reasons to send money across borders, that could be hindered by the pre-funding mechanism which is part of the traditional means of making cross border transactions.
Birla, however, noted that ODL does not require pre-funding and is capable of transferring cash at a very high speed with a cheap rate via XRP and RippleNet.
He also confirmed that the Ripple network is gaining new customers and relentlessly working at establishing new ODL corridors to add to the existing ones in Australia, Europe, Philippines, and Mexico, but for the time being the Blockchain giant will continue expanding the volume of ODL transactions in the present corridors.