Main navigation

Ripple ODL Registered in UAE to Provide Payments and Other Electronic Financial Services: Details

News
Sat, 07/03/2021 - 08:12
article image
Yuri Molchan
According to a document shared on Twitter Ripple has registered its ODL product with the UAE regulator to provide electronic financial P2P services in the country
Ripple ODL Registered in UAE to Provide Payments and Other Electronic Financial Services: Details
Cover image via stock.adobe.com
Read U.TODAY on
Google News

XRP community members @RipplePandaXRP and @WKahneman have posted tweets with an announcement of Ripple’s ODL trademark now being officially registered with the UAE Ministry of Economics.

The On-Demand Liquidity product has been registered with the Commercial department of the UAE regulator to provide P2P financial data services, according to the tweet.

According to the translation provided in the comments, Ripple has registered ODL to provide electronic financial services to do with payments involving fiat currencies, as well as exchange of digital and fiat currencies over the network.

Related
Foreign Crypto Exchanges May Have to Pay 18 Percent Tax in India

It will also provide a virtual currency (presumably XRP) for exchange in a computer network and help verify payments and deliver them from senders to receivers.

According to the document, Ripple filed for registering ODL with the UAE regulator in October 2020.

article image
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.