23 February, 2024

Ripple Enables On-Demand Liquidity In France & Sweden

1 year ago

22 Nov, 2023

Enterprise Blockchain and crypto solutions leader Ripple announced on Twitter that they are collaborating with the European payment solutions for marketplaces, LemonWay and Thailand’s Money Transfer platform, Xbaht to enable On-Demand Liquidity in France and Sweden.

According to the blog published on Ripple’s website, the Ripple and LemonWay partnership comes at a time when France has been embracing crypto technology. Moreover, LemonWay can drive “operational efficiencies” by eliminating the need to pre-fund accounts abroad. Thus, allowing access to scale business in a previously trapped pre-funded capital.

On the other hand, money transfer provider Xbaht allows transactions between Thailand and Sweden. Partnering with Xbaht, alongside support from Singapore-based cross-border payment hub, Tranglo, Ripple anticipates instant and cost-effective “retail remittances via ODL.” 

In addition, RippleNet’s financial technology combined with these collaborations will power enhanced real-time cross-border payment experiences for its new customers and businesses based in France and Sweden.

Ripple Europe Managing Director, Sendi Young stated,

“This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability and excessive cost.”

According to research conducted by Ripple, 70% of respondents in Europe-based financial institutions believe blockchain might potentially take over businesses in the next five years. Meanwhile, 59% of the research participants are curious to use blockchain for payments.

With an annualised payment volume run rate surpassing $15 billion, Ripple is growing as a powerful market leader in enterprise blockchain solutions.