25 February, 2024

Ripple Expands to Europe Building New Partnerships In France and Sweden

1 year ago

22 Nov, 2023

Despite the current crypto winter, Ripple, the leader in enterprise blockchain and crypto solutions, has formed new partnerships in France and Sweden as part of its ongoing expansion into Europe.

In a partnership with Lemonway, a payment service for online marketplaces based in Paris, Ripple Labs announced its first On-Demand Liquidity (ODL) customer in France.

With the help of the new partnership, Lemonway will be able to improve its treasury payment procedures by leveraging RippleNet’s ODL, which uses XRP for crypto-enabled payments.

Additionally, Ripple revealed a second new ODL customer, it’s first in Sweden. Xbaht, a Swedish money transfer provider, facilitates money transfers between Sweden and Thailand. Xbaht’s new partnership with Ripple allows the company to offer instant and cost-effective retail remittances via ODL, which is supported by Tranglo, a Singapore-based cross-border payment hub.

Together, Ripple and its new clients will make it simpler than ever for customers and businesses in France and Sweden to transfer money across borders in real time using RippleNet, the company’s financial technology.

RippleNet, a consortium of banks and payment providers that have agreed to use Ripple’s blockchain network for international payments, has a payment volume of more than $15 billion per year, according to a press release from the company.

With this partnership, Lemonway can drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad, allowing them to use previously trapped pre-funded capital to grow and scale their business.

Sendi Young, Managing Director, Europe, Ripple, commented:

We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases. 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.

As customers scale their businesses with ODL, Ripple, the market leader in blockchain and cryptocurrency enterprise solutions, continues to experience enormous growth on a global level.