- The freelancer portal goLance has been using Ripple’s payment service, On-Demand Liquidity (ODL), for several months and is enthusiastic about the advantages.
- This service is particularly suitable for small bank transfers and for migrant workers who send money home to their families.
The golance.com website employs over 500,000 freelancers who voluntarily accept paid projects but do not have the opportunity to move to a permanent job in a big city and away from their families. goLance creates jobs for many people and the opportunity to survive every day.
To make sure that the money reaches the freelancers quickly and at low cost, goLance relies on the payment solutions of RippleNet. CEO Michael Brooks describes that it used to take at least 6 months to negotiate a new deal with a bank and that the transaction costs incurred were disproportionately high.
This was a fundamental problem for goLance, as the platform is also used to pay many smaller salaries, and the transaction fees were coherently high, as Brooks explained:
The traditional way of sending money to other countries is a wire transfer that moves slowly from bank to bank to bank with each one taking a cut.
It takes days and makes no sense for smaller amounts as the recipient ends up losing a huge percentage of their earnings. The other way is to develop relationships between banks in each country but that’s complex, time-consuming and ties up liquidity.
Joining RippleNet solves all the company’s existing payment problems, Brooks describes. With RippleNet, the company can draw on an existing global network without having to negotiate with payment service providers. It usually takes less than two weeks to set up, and cross-border payments can be processed almost in real time, immediately after setup.
Brooks explains that Bitcoin was also under discussion. However, the value of BTC is too volatile for the crypto currency to be an effective means of payment. Ripple is also a service provider that can be contacted in case of problems. Bitcoin, on the other hand, has no known inventor or contact point in case of problems.
Ripple thus gives goLance a clear advantage over its competitors, as the company can gain a foothold even in highly competitive markets with a poor infrastructure:
As goLance expands its service into new markets, the ability to establish new payment corridors quickly and efficiently gives the company an edge in a highly competitive market. Satisfied customers who receive their well-earned payments quickly are likely to share the pain-killing solution with their network, ensuring goLance’s continued growth.
Ripple has big goals for 2020
Ripple CEO Brad Garlinghouse recently announced in an interview that Ripple could make an initial public offering within the next 12 months to raise new capital and take the company public. The community is currently divided on whether this step is really necessary and whether it will have a positive or negative impact on the price of XRP.
Furthermore, Ripple’s customer base is expected to grow significantly and the increase in transaction volume of ODL is expected to continue in the fourth quarter of last year. The price of XRP follows the current market trend, falling 1.20% in the last 24 hours to a price of USD 0.2366.