Ripple says 'more than two dozen' customers use its payments solution that leverages XRP

Blockchain payments firm Ripple has said that “more than two dozen” customers use its On-Demand Liquidity (ODL) solution, which leverages XRP cryptocurrency to settle cross border payments.

Some of these customers include money transfer firms MoneyGram, Viamericas and FlashFX, online workforce platform that connects employers with freelancers goLance, and financial services provider Interbank Peru, among others, Ripple announced Wednesday.

Ripple’s ODL payments solution was commercially launched last year, and there have been “more than 7x the number of transactions using ODL from the end of Q1 to the end of October,” said the firm.

ODL currently supports Mexico, the Philippines and Australian markets. Ripple said support for Brazil is “coming soon,” as well as additional corridors across Asia-Pacific (APAC), Europe, Middle-East and Africa (EMEA) and Latin America (LatAm) are in progress for 2020.

Ripple’s other solution, RippleNet, which does not leverage XRP by default but customers have an option to use it, has seen “10x year-over-year growth in transactions.” Overall, Ripple’s customers have crossed the 300 mark, per the announcement.

“This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet and adoption of On-Demand Liquidity,” said Brad Garlinghouse, CEO of Ripple.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.