Ripple Aims To Open New XRP Remittance Corridors In 2020
Ripple has been making headlines a lot this year, despite the global crisis triggered by the novel coronavirus.
It was recently reported that Ripple’s director of product revealed an XRP payments project that is called Payburner.
The platform is being built by Craig Dewitt as a side project, and it’s designed to make it really easy to send and receive e-commerce payments.
“Payburner got started because we had this idea for xSongs and then we realized that there wasn’t actually a great ecosystem for individuals to do peer-to-peer payments using XRP,” he said
Asheesh Birla said Ripple plans to open more XRP remittance corridors
Ripple’s senior vice president of product management and corporate development Asheesh Birla said that the San Francisco-based payments startup is planning to open up new XRP remittance corridors in 2020.
Ripple’s XRP-powered product ODL has been gaining a lot of popularity. This is the On-Demand Liquidity that was previously known as xRapid before a rebranding process.
Ripple exec said that the firm is preparing to link new countries to ODL this year.
“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,” he said.
It’s not very clear which countries or corridors are involved, but it’s worth noting that Ripple said back in February that it is working on adding new corridors in Europe, the Middle East, Africa, Asia-Pacific and Latin America.
ODL volume could look different due to coronavirus
Birla also warned that ODL volume could look different in a world struggling with the coronavirus pandemic.
“We are continuing to focus on supporting low-value, high-frequency payments with ODL—though transaction volume may look different in this new world,” he said.
He continued and explained, “In particular, we are reducing emphasis on large treasury payments to support individual, low-value transactions, addressing the growing need in remittances and SME payments. This may reduce overall ODL transaction volumes.”
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.