XRP: Ripple Signs Up Its First ODL Customers in France and Sweden
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On Tuesday (October 11), Ripple announced that it has formed a strategic partnership with Paris-headquartered payment provider Lemonway, which will use Ripple’s XRP-powered solution On-Demand Liquidity (ODL) to “enhance its treasury payments processes.”
Lemonway is “a pan-European payment institution dedicated to marketplaces, alternative finance platforms and other companies looking for payment processing, wallet management and third-party payment in a KYC/AML – regulated framework.” It has a payment solution that “is trusted and used by over 1,400 marketplaces in Europe including 200 crowdfunding platforms.”
Lemonway, which was founded in 2007 by Sebastien Burlet, obtained a ACPR Payment Institution license and European passport in 2012. It has offices in Paris, London, Madrid, Milano, and Hamburg. CB Insights “named Lemonway in its 250 FinTech List of the Fastest-Growing FinTech Startups and among the 28 most promising FinTech companies in Payments Processing & Networks at a global level.
Ripple’s press release went on to say that this partnership with Lemonway “comes at a time when France has been showing itself to be forward-thinking when it comes to embracing the potential of crypto technology” and that this partnership will enable Lemonway to “drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad, giving them the opportunity to use previously trapped pre-funded capital to grow and scale their business.”
But that was not all the good news that Ripple reported. Apparently, the Californian FinTech firm has also signed up its first ODL customer in Sweden: Xbaht, which specializes in payments between Sweden and Thailand. This partnership will allow Xbaht to provide “instant and cost-effective retail remittances via ODL, supported by Tranglo, the cross-border payment hub based in Singapore.”
Sendi Young, who is Managing Director for Europe at Ripple, had this to say:
“We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases.
“This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability and excessive cost.“
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