As demand for Ripple’s products in Europe continues to rise, the blockchain payments firm has forged new relationships with startups in France and Sweden.
According to reports, Lemonway, a French online banking company, and Ripple have reached an agreement.
Lemonway will use Ripple’s On-Demand Liquidity (ODL) to support its payment system as part of the new partnership. Lemonway will gain from the agreement by no longer having to pre-fund overseas accounts, which will enable them to use previously trapped funds to expand and develop their businesses.
Ripple is also partnering with a second company called Xbaht. Xbaht is a financial service platform designed to make it easy for Thais living in Sweden to send money online. The new partnership between Xbaht and Ripple will enable Xbaht to offer money transfers instantly with a reduced cost through using ODL.
“Working with Lemonway and Xbaht, our first ODL clients in France and Sweden, respectively, makes us very happy. This is why we have established ourselves as the go-to partner for businesses like Lemonway and Xbaht seeking to access global crypto liquidity in order to do away with the standard issues with cross-border payments”, says Sendi Young, managing director of Ripple Europe.
Ripple, a pioneer in the blockchain sector, has continued to enjoy tremendous growth on a global scale as customers expand their businesses using ODL. At this time, Ripple pays out more than $15 billion annually. During the second quarter of 2022, ODL climbed nine times year over year.
Ripple in the Growing Blockchain Economy
The enterprise solutions from the startup are more efficient, transparent, and affordable than traditional banking services.
Customers of the blockchain payments firm use Ripple’s financial technology (RippleNet) to expand their cryptocurrency holdings, enable quick payments, improve their financial situation, get new clients, lower their capital requirements, and increase income.
The company’s ODL solution continues to gain traction as the company is currently established in 25 payment markets including Thailand, Indonesia, Poland, Malaysia, and Singapore.
Ripple also entered a partnership with Singaporean payment platform FOMO Pay in July despite fluctuations experienced in the blockchain industry.
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