Ripple Now Lets Customers of Major Crypto Exchange Instantly Deposit USD

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Mon, 12/02/2019 - 06:18
Alex Dovbnya
Bitstamp customers can now fund their accounts with USD in no time because of a new Ripple ODL corridor opened by FlashFX
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The users of Bitstamp, one of the biggest cryptocurrency exchanges, are now able to instantaneously fund their accounts with the US Dollar. This became possible after Australia-based FlashFX opened a new Ripple On-Demand Liquidity (ODL) corridor.

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Ripple Unlocks $225 Mln Worth of XRP, Crypto Community Fears Another Price Drop

New corridors, new adoption milestones

As reported by U.Today, Ripple surpassed 300 customers back in November, which made 2019 the company's strongest year to date. As of now, two dozen companies rely on Ripple's ODL solution for cross-border payments. Their customers include FlashFX, goLance, Viamericas, and major money transfer company MoneyGram.       

"As one of the earliest adopters of Ripple’s On-Demand Liquidity, we’ve seen the benefits firsthand of the product and its potential to not only dramatically improve cross border payments for customers, but to also impact our bottom line," said Nicolas Steiger, CEO of FlashFX.

Recently, the blockchain behemoth finalized its $50 mln investment in MoneyGram to release new payment corridors in Europe and Australia. The deal stipulates that XRP must be used as a bridge currency, which is supposed to propel the token's adoption. 

On Nov. 23, XRP's daily transaction volume reached a new all-time high, surpassing the 4 mln mark for the first time.

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Ripple’s ODL and XRP are Tools for Making Better Remittance System: Weiss Ratings

Better than SWIFT

In its new post, FlashFX states that Bitstamp users no longer have to wait days for a SWIFT transfer to be completed. As reported by U.Today, Ripple CEO Brad Garlinghouse claimed that XRP was a better alternative to SWIFT payments. 

While the XRP token remains volatile, Ripple can process transactions so fast that its customers are unlikely to be affected by any significant price drop. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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