By
Chimamanda U. Martha
April 18th, 2024
Marcus Treacher says that Ripple is working hard to expand its On Demand Liquidity (ODL) platform to offer more corridors this year. XRP price is up.
XRP price has shot up by over 7%. This is happening as a Ripple Labs executive has confirmed that an XRP remittance platform has gone live in Europe. Sources say that Ripple Vice-President of customer success Marcus Treacher revealed this XRP related news in a recent interview.
In the interview, Marcus alluded to the fact that Ripple has shut down its offices due to the COVID-19 pandemic. He also said that team members were working from home to support Ripple’s many clients.
XRP Price Rise as Financial Institutions Are Fundamental to Remittances
Treacher also expatiated on the fact that many of Ripple’s customers are financial institutions. He also said that these institutions are pivotal “in facilitating the flow of money abroad”. He also alluded to the fact that remittance was a “key” source of income for some countries.
Marcus acknowledged that the financial sector is one that has been affected by the COVID-19 pandemic.
He also alluded to the fact that the World Bank has called for financial remittance services to be labeled as “essential services”. Treacher spoke about the job losses in many financial institutions. He said that the demand for remittances has risen while the jobs in the sector have fallen.
Marcus indicated that in response to the situation Ripple was working with several banks to reduce or eliminate transfer fees. He said that the company had partnered with institutions such as Azimo, TransferGo, and Siam Commercial Bank. Treacher stressed the importance of these institutions. He said that they serve developing markets. Marcus also indicated that these markets are the worst hit by the current crisis.
When asked how Ripple’s technology is supporting the market, Marcus indicated that Ripple’s core mission is to make remittances fast, easy, and secure. Treacher took a swipe at the bank wire system calling them “one-sided messages sent between correspondent banks”.
Current Financial System Was Built in the 70s
He also said that “the existing plumbing of global payments was built in the 1970s to serve the big corporations and banks”. Treacher alluded to the fact that today’s payments are a world apart.
Marcus also preached the blockchain gospel. He spoke about how the adoption of blockchain technology can drive financial inclusion. Treacher alluded to the fact that it will take some time for digital assets to gain mass adoption.
He pointed out the unpreparedness of existing monetary systems for disasters and emergencies. He alluded to the fact that there will be a continued increase in the interest in digital assets and blockchain technology by banks and governments.
On-Demand Liquidity Is Growing
When asked about what will be coming next for Ripple, Treacher indicated that the company is focused on growing RippleNet. He also said:
“We’re also focused on expanding our On-Demand Liquidity service which uses XRP as a bridge currency between two fiat currencies — this is the first time that digital assets are being used in production for an enterprise use case.”
Recent observations by on-demand liquidity users have indicated that there is a substantial increase in the Euro-USD corridor.
Sources say that as of yesterday, $1,062,120 flowed through the corridor. XRP is one cryptocurrency company that has blown everyone away with the utility function of its token. Despite its current legal challenges, more people seem to have fallen for the cryptocurrency token.
Who knows? Maybe XRP will be the cryptocurrency that will bring the crypto space into the mainstream, being supported by Ripple.
At the time of filing this report, XRP price was at $0.1987 (+7.17%).