Ripple launched 5 new corridors with XRP for partners like MoneyGram

  • Ripple has opened five new corridors in the last few months. The corridors will use the On Demand Liquidity (ODL) powered by the XRP token.
  • MoneyGram now has 5 payment corridors using the Ripple’s On Demand Liquidity.

In a webinar entitled “Building Real Time Settlement into Your Business”, Asheesh Birla, the Senior Vice President for Product Management and Corporate Development of Ripple made some interesting announcements and reviewed on the company’s progress. The webinar focused on highlighting the advantages of Ripple’s product, On Demand Liquidity and how it can be incorporated into everyday use.

Ripple revolutionizes how money moves

The first part of the webinar featured a flashback to the Ripple Swell conference, where goLance CEO and founder Michael Brooks spoke about the benefits of the Ripple product On Demand Liquidity. Brooks emphasized the need to optimize traditional payment systems and how Ripple has made positive changes in this area:

I’ve been saying it for years, we can put a man on the moon, find water on Mars, but I can’t do a wire on a Sunday. To be able to push a button on our application and have the money move from U.S. fiat to the XRP and be out in seconds to one of the corridors at 5:00 a.m. on a Saturday is earth shattering.

The cooperation of Ripple and goLance enables the platform to mediate freelancers in a more efficient and cost-effective way. As stated in the webinar, the traditional banking system is not only slow, but also too expensive for the number of salaries the company handles. Birla highlights how most of the traditional payment infrastructure was created in the 1970s and how Ripple and its On Demand Liquidity has become a viable alternative for hundreds of companies like goLance.

The webinar also reviews the progress that Ripple has made in driving On Demand Liquidity. Ripple’s Product Manager, Ginger Baker, said that five new payment corridors involving the US Dollar, Euro, Mexican Peso, Philippine Peso and Australian Dollar have opened in the last quarter. Baker also said that the opportunity in monetary terms for low-cost cross-border payments is $20 to $30 trillion.

Two of Ripple’s most important partners recorded huge growth in the last quarter of 2019. One of these partners is the remittance company MoneyGram. The company has recorded significant growth during 2019 with 70% more transactions than in 2018. According to Asheesh Birla, another important partner is Bitso which registered:

$18 million of remittance through XRP in the final weeks of December and that’s been growing at 15-20% per week.

For MoneyGram, they’re now live in five corridors using On-Demand Liquidity. And now, 10% of their US to Mexico [corridor], which is their largest corridor, is moving over to XRP and ODL.

The price of the XRP is trading at $0.28, at the time of publication, with a gain of 3.29% in the last 24 hours. Below you can view the full webinar:

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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