By Ifaenyi Egede (Nigeria)
Cross-Border Remittance
According to the leading Australian Crypto exchange firm, BTC Markets, a significant number of the businesses in Australia are adopting Ripple (XRP) as a means of payment in and out of the country. The exchange firm reportedly teamed up with Ripple late last year to debut the first-ever crypto payment platform in the country. The payment platform, known as ODL, allows businesses and individuals to make transactions in and out of the country with XRP as its main currency.
Caroline Bowler, CEO of BTC Markets, told reporters that the partnership has increased their customer base. As a result of that, the amount of transactions carried out averagely has been doubled. Quoting the CEO, she said, “Companies are using the asset to make more effective cross-border payments. This use case is a real differentiator to other digital assets. She further stated that the platform allowed businesses to enjoy maximum benefits while cutting through most problems faced by firms in terms of transaction fees. She said, “Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech”.
Also read:She said that ODL has helped firms in the country with cross border payments and has helped them with huge client and customer base in the country. “The amazing thing about ODL is that businesses using XRP for faster and cheaper cross-border payments are driving volume through our exchange, which is unique in the crypto markets. It fits with our business model seamlessly and gives us a huge competitive advantage.” she further stressed.
Ripple does not release official statistics on the number of volumes traded through the ODL. Still, Bitso, a crypto exchange firm based in Mexico, recently released a report that showed that it remitted $179 million through XRP from April 2019 to April 2020.
Ripple witnessed a bad first quarter after the digital asset was voted as the worst-performing crypto in the first quarter of the year, with the price always around $0.30. However, analysts have been quick to tell investors and traders that Ripple has been showing positive signs, and when the time comes, it will experience a massive surge in price. They stressed that as a result of big international firms IMF and EU partnering with Ripple, it could mean a significant boost for the digital asset to make the much-required surge.
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