Ripple plans to expand its remittance services in 2021

In a recent interview on the Lend Academy podcast, Ripple’s senior vice president of product management and corporate development and general manager of RippleNet, Asheesh Birla, addressed key issues, including areas where Ripple is increasingly entering the fintech ecosystem. The senior vice president also stated that the crypto payment company was working on a project that would expand its XRP remittance services over the next year.

Asheesh Birla stated during the interview that Ripple is a company building financial technology and reinventing the way money moves around the world. He added that Ripple built something called RippleNet, which has a peer-to-peer meaning from bank to bank, or financial institution to a network of financial institutions, around the way banks are involved and the use cases prevailing today better enable day.

Birla assured that RippleNet is currently present in 45 different countries, six continents and payment capacities in 70 countries. However, the company’s vision is global coverage as far as regulators allow. It was also stated that 10% of US dollar transfers sent to Mexico are processed through blockchain technology, digital assets and RippleNet.

Expanding ODL for next year is a goal the payment company has already set for itself

Ripple plans to expand its remittance services in 2021
Ripple plans to expand its remittance services in 2021

With that in mind, Birla detailed the current state of the on-demand liquidity product (ODL), which is based on Ripple’s XRP, and pointed out what the company has planned for the future.

RippleNet’s general manager stated that its on-demand liquidity product, which is tied to digital assets, plans to continue to “expand aggressively in 2020 and 2021”.

“We will continue to build RippleNet so that more customers and partners are part of RippleNet. This really is our commitment … to distribute our service to everyone in the world. I think we will continue to do this, we will continue to expand ODL, liquidity as needed. We want global regulatory coverage whenever possible. “

Creation of an inclusive financial system

During the podcast, it was also highlighted that RippleNet solutions are unifying the underlying infrastructure for global payments. But it doesn’t stop there. Through the power of decentralized fintech, the institutions, companies and the people they serve have access to an open and inclusive system, regardless of where in the world they are.

This new era in global finance is taking shape in the Internet of Value (IoV), a world where money moves like information does today. Like the effects of the Internet on the exchange of information and communication, IoV will serve as an explosive catalyst for the exchange of values: It will open a new chapter in globalization, redefine entire industries and create new ones.

Bitcoin a safe haven

The senior vice president also stated that he views Bitcoin as a safe haven, especially given the uncertainty surrounding the Fed and central banks. He also believes that the market in general is having a good time due to the recent price movement of the major cryptocurrency in the market, Bitcoin, which has flirted several times with its all-time high of $ 20,000.

Overall it’s been a good year, after being halved for the third time, Bitcoin has grown exponentially. And along with the rest of the cryptocurrencies, there has been a recovery.

However, Asheesh stated that they will keep building RippleNet. They plan to keep distributing this to all people around the world. With the intention of expanding ODL and liquidity as needed. He added that due to COVID-19, e-commerce growth has exploded.

Unique technology

In essence, Ripple is now the only corporate blockchain company whose products are used commercially by hundreds of customers in more than 55 countries. These companies have access to alternative liquidity solutions through Ripple’s global network, which is using the XRP ledger and its native XRP digital asset in a unique way to improve payment services around the world.

Together with their customers they are building a more inclusive financial system. Ripple’s global payment solutions are helping to transform the way vulnerable populations, senders, and small businesses around the world send and receive money across borders.

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