- Ripple has partnered with Pyypl to provide the first ODL services in the Middle East.
- The partnership aims to significantly reduce costs for cross-border transactions.
- Ripple is already serving Middle East customers such as the Qatar National Bank and the UAE-based Al Ansari Exchange.
Ripple has partnered with Pyypl (pronounced “people”), a blockchain-based fintech solutions provider that focuses on the Middle East region. The partnership will bring the first on-demand liquidity (ODL) in the region.
According to an announcement, the ODL services will begin in the United Arab Emirates (UAE), with future plans including North Africa as well.
Basically, the ODL service will drastically reduce the cost of cross-border transactions by using RippleNet and Ripple’s crypto XRP. To clarify, XRP will only function as the asset for the transaction fees and nothing more. Moreover, transactions will not include AED, the fiat money of the UAE.
RippleNet is a global network of banks and payment processors that use Ripple’s blockchain platform. The network focuses on facilitating seamless and cheaper money transfers from anywhere in the world.
In another news, Coinbase CEO Brian Armstrong said that Ripple’s lawsuit is getting better than expected.
He also said that the case is ironic since the people whom the US SEC are supposed to protect are the ones attacking the SEC.
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