- Ripple CEO says BofA waiting for the SEC case conclusion to start using its ODL product.
- Ripple has been remarkable progress in bringing its ODL service to new markets in 2022.
Enterprise blockchain and crypto solutions provider Ripple is making significant progress in onboarding new partners, gaining traction in new settlement markets, and integrating new technology.
According to a statement made by Ripple CEO Brad Garlinghouse, interest from new partners especially in the U.S. has been increasing. This is especially so as the U.S. Securities and Exchange Commission (SEC) court case against Ripple could soon come to an end soon.
Garlinghouse allegedly told the director of member sales at private investment company Linqto, Nick Burrafato, during the Ripple Swell 2022 event held in London that the Bank of America (BofA) is one of these American giants that are waiting on the end of the case to using Ripple’s On-Demand Liquidity (ODL) products.
Ripple Labs CEO Brad Garlinghouse stated to Linqto Director of Member Sales Nick Burrafato at Ripple Swell 2022 in London that "Bank of America is going to gain a competitive advantage when the SEC v Ripple case settles, by using ODL in the marketplace." https://t.co/y8g5cOdYZT pic.twitter.com/RDzGgmj8GV
— Linqto (@linqtoinc) November 21, 2022
Burrafato said in the statement;
[Brad Garlinghouse] made it clear that they’re ready to settle with the SEC as long as they can get clarity on XRP. I asked him if American companies were waiting on the sidelines to jump in the game once clarity happens – he said ‘Absolutely.’ He specifically said Bank of America,
According to Burrafato, Garlinghouse added that BofA is going to gain a strong competitive advantage when they start using Ripple’s ODL service. The Ripple CEO added that the company is not opposed to a settlement with Ripple as long as regulatory clarity is established on whether or not the XRP Ledger blockchain’s native token XRP is a security or not.
Ripple’s ODL product is now in 90% of global settlement gateways
The SEC case which has been dragging on since 2020 has not stopped Ripple from recording significant adoption globally. According to a press release, in 2022, Ripple’s ODL products have entered new regions including Africa, Belgium, Argentina, and Israel. Some former fiat-based users of RippleNet including in Australia, Brazil, Singapore, the UAE, and the UK, upgraded to ODL.
This has meant that the company is now in over 40 settlement markets or around 90 percent of all global settlement gateways, making it a strong competitor to SWIFT.
Meanwhile, the company also debuted Machine Learning capabilities for RippleNet in 2022. The feature is poised to improve the customer service experience of Ripple products by using the technology to support various types of transactions and manage funds in a customer’s wallet to ensure optimal liquidity is available on behalf of the customers.
Devraj Varadhan, SVP of Engineering at Ripple, said in the release;
…in 2022, we continue to invent and deliver solutions to sustainably grow and offer best-in-class experience on behalf of our customers. Ripple’s machine learning and automation efforts are focused on liquidity – the backbone of crypto and all of our enterprise-grade products,