Ripple To Potentially Open More ODL Corridors This Year
Quick Take
- In a recent interview, Marcus Treacher noted that Ripple may potentially open more ODL corridors this year.
- Ripple’s ODL saw massive volume growth in Q1 2020
Ripple’s On-Demand Liquidity (ODL) solution allows participating institutions to source near-instant liquidity 24/7 while offering immense cost savings. According to Ripple, ODL can result in up to 60% cost savings while only taking three seconds to settle.
In an interview published by City A.M, Marcus Treacher, SVP of Customer Success at Ripple, shed some light on the company’s future plans, including ODL.
We have established On Demand Liquidity corridors into Mexico, the Philippines, Australia and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.
Marcus Treacher SVP of Customer Success at Ripple
Interestingly, Asheesh Birla, SVP of Product and Corporate Development at Ripple, noted last month that Ripple plans to open new ODL corridors.
ODL Sees Massive Q1 Volume Growth
Ripple’s On-Demand Liquidity solution saw a substantial volume increase in Q1, as noted by Ripple CEO, Brad Garlinghouse.
Specific to our On-Demand Liquidity, there’s a 190% increase from Q4 to Q1. So we saw some of our big customers, a player in Thailand, go live. That’s driving a lot of volume. We had forecasted 20 new contracts, and we ended up signing 28 new production contracts in the quarter. So despite the dynamics of the pandemic, we were able to finish the quarter on a strong note.
Brad Garlinghouse Ripple Q1 2020 Virtual All-Hands Meeting
In addition to the volume increase, the company signed eight more contracts that they had previously anticipated for the quarter.
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