XRP-based ODL expands the field of application in the Philippines’ largest Fintech
Ripple’s ODL solution that leverages XRP for cross-border treasury flows, will now be used to scale up the internal treasury management of the Philippines’ largest non-bank remittance firm, I-Remit.
This is not the first time for the fintech, as it has been an early adopter of ODL and has used the blockchain-enabled enterprise solution to manage real-time and cost-effective cross-border payments to the Philippines.
To provide fast and affordable settlement without the need to hold pre-funded money in a destination market, On-Demand Liquidity, or ODL, leverages XRP, the digital currency created for payments as a bridge between two fiat currencies, as stated in the press release.
But in this case, this time it will be used to accelerate I-Remit’s internal payout capabilities, rather than relying on outdated infrastructure.
By leveraging ODL for treasury payments, I-Remit is now able to gain 24/7 access to year-round liquidity for their funding needs, enabling same-day settlement globally. Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of its foreign subsidiaries and support its partners.
The latest expansion has placed I-Remit in the league of companies like FOMO Pay, Novatti, FlashFX, Tranglo, SBI Remit, Pyypl.
First high-profile game on XRP Ledger announced
Yesterday, one of XRP Ledger’s flagship projects, the modular ecosystem onXRP, entered into an agreement with Ripple, Armiin van Buuren’s music label, Armada and Styngr, coinciding with the launch of the highly anticipated free-to-play battle royale game Maladroids.
The in-game radio will be combined with a playlist curated by top electronic dance music artists, including Tom Staar and Kryder, who are both on the Armada label, thanks to the help of onXRP’s new partners.
According to Styngr, who revealed the partnership’s details, the musicians would create two new songs each month just for Maladroids. In addition, as part of the collaboration, NFT sound will be made available.
It is the first play-to-win multiplayer gaming project built on the XRP blockchain.
Meanwhile, the token’s price surged over 13% in just a few hours, making it the biggest winner in the top 10 crypto assets on the back of Ripple’s legal winning prospects.
