Ripple to Open New ODL Corridors As Well As Increase Volume In Existing Corridors
In Brief
- Ripple plans to open new ODL corridors this year.
- Existing corridors have seen substantial growth this year.
Ripple’s On-Demand liquidity (ODL) service enables financial institutions to source nearly instant liquidity using XRP. According to Ripple, ODL only takes three seconds to settle and may net up to 40% – 60% savings. Furthermore, ODL operates 24/7, even during off-hours and traditional holidays, ensuring that financial institutions can always use the service.
This year Ripple plans to expand ODL by opening new corridors, according to Asheesh Birla (SVP of Product and Corporate Development @ Ripple).
Ripple is on track to open new ODL corridors this year and we’re onboarding new customers and working with existing customers to ramp up ODL volume in important corridors including USD-MXN, USD-PHP, AUD-USD and PHP, and from EUR-USD.
Asheesh Birla (SVP of Product and Corporate Development @ Ripple)
In addition to expanding, Ripple plans to increase ODL volume in existing corridors. Ripple’s European corridor is one of the many corridors that has seen substantial growth this year.
XRP Liquidity Surges
As noted by Ripple, XRP liquidity is key to the company’s ODL service.
As a bridging tool in ODL, the greater the liquidity of XRP, the less cost and risk in each transaction.
Asheesh Birla (SVP of Product and Corporate Development @ Ripple)
Liquidity has been recently surging, reaching new highs in Ripple’s largest corridors. In 2020 alone, many corridors surpassed their all-time highs on multiple occasions.
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