Ripple’s long-running legal dispute with the SEC in America hasn’t stopped them from expanding into new markets. In a press release, ripple also announced the first ODL partners in France and Sweden.
Ripple is expanding its European operations to offer online payments services via its XRP token. Ripple also announced in the press release that it will join hands with Lemonway (an online payment platform based out of Paris).
Ripple has announced Lemonway’s use of RippleNet for crypto-enabled transactions to increase its treasury pay processes. France embraces blockchain technology and this partnership is the latest.
What Ripple Partnership means to Lemonway and Xbaht
Lemonway, through its partnership with Ripple will improve operational efficiency as well as eliminate pre-funding abroad accounts. The firm would be able to recover pre-fund capital that was not used and grow its business.
Ripple has also announced a partnership with Xbaht, a Swedish money transfer company. In the Ripple partnership, Xbaht would utilize Ripples’s ODL to power instant affordable retail remittance payments.
Xbaht, a company that facilitates money transfer between Thailand and Sweden is known. Tranglo is a Singapore-based cross-border payment hub that supports the ODL partnership between Ripple and Xbaht.
Jeremy Ricordeau (COO) of Lemonway believes Ripple ODL could help his firm improve its treasury operations, and allow for more flexibility in payments.
Xbaht’s CEO Michael Anderson said that this partnership will allow for easy remittances from both Sweden and Thailand.
Ripple’s Continuous Exploration In Europe: How’s XRP Faring?
Send Young, the managing director of Ripple’s European branch, gave his statement regarding the new partnership. Young expressed his delight in working with Lemonway (and Xbaht), their first ODL customers from France and Sweden. Ripple, he said, aims to leverage blockchain and crypto technology in order to create real-world use cases.
Young stated that cross-border payments would be made easier by Ripple/Lemonway/Xbaht partnerships. He further stated the project would improve cross-border payments’ speed, reliability, and cost-effectiveness.
However, XRP is on the rise. momentumThe European market saw its native token, XRP (a drop of 7% in 24 hours) XRP’s price slump occurred after nearly two months of massive price action following a 65% price increase.
However, Ripple’s Lawsuit continues, with proponents hoping to win against the SEC, which may further support the XRP price. At the moment, XRP trades at $0.48.
According to Ripple’s press release, the demand for the firm’s products maintains a notable strength. Ripple also conducted Value Research in Europe. This research revealed that 73% of European Financial Institution respondents believed blockchain tech would have significant impacts on their businesses in the coming five years.
France witnessed rapid adoption of crypto in the past year. Binance recently expanded its reach to France, obtaining a license from Frances’s Autorite des Marches Financiers (AMF). AMF regulates financial markets in France.
Featured Image from Pixabay. Source: TradingView.com
