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Ripple Adds New ODL Corridor with Potential Value of Nearly $1 Trillion, Here's Where

Tue, 11/15/2022 - 14:21
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Yuri Molchan
Ripple giant has announced launch of new ODL corridor
Ripple Adds New ODL Corridor with Potential Value of Nearly $1 Trillion, Here's Where
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In a recently published tweet, Ripple blockchain behemoth spread the word about a new strategic partnership that has allowed it to set up a new ODL corridor with a high profit potential. In the tweet, Ripple mentions that Africa's potential for mobile money value is close to $1 trillion – 70% of this staggering amount.

MFS Africa is the biggest mobile payment gateway in Africa and its multiple clients in 35 countries.

Ripple's ODL expands to Africa

After expanding its chain of ODL corridors to various countries around the world, Ripple has partnered with a major fintech company in Africa to help it set seamless and low-cost payments for its clients around the globe. ODL stands for On-Demand Liquidity.

The necessity of bringing the system of electronic payments to MFS Africa has emerged as the amount of clients who are using mobile cash transfers on the continent is growing exponentially. It is expected that in the near future, the majority of mobile payments users globally will be from Africa and the Asia-Pacific region – 70% of the global population. Therefore, these areas are likely to attract many businesses that wire payments. Ripple's ODL will help them to access capital without traditional sources.

The ODL platform significantly improves various snags that usually emerge while making cross-border money transfers via traditional payment rails, such as high commissions and slow settlement times.

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Other recently launched ODL corridors

Earlier this year, Ripple launched several other new ODL corridors. An On-Demand Liquidity corridor was launched in Brazil via local major Travelex Bank.

As Ripple's partner Trango expanded to the UAE, a new payment liquidity corridor was launched there too. Finally, France and Sweden also hosted a new ODL platform in partnership with payments company Lemonway based in Paris and Xbaht – a platform that sends payments and remittances from Sweden to Thailand.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.