In a new tweet, Ripple partner Tranglo says it has revitalized volume in key corridors, processing over $1 billion in ODL transactions since the launch of ODL.
In March 2022, Tranglo enabled Ripple's On-Demand Liquidity (ODL) service for all its payment corridors after the success of its pilot ODL deployment in September 2021, which saw 250,000 transactions worth $48 million processed within the initial 100 days.
Tranglo has revitalised volume in key corridors, processing over USD1 billion in ODL transactions after the partnership with @Ripple in 2021. Find out how and why partnership can minimise cross-border payment challenges.https://t.co/TMia9wgsiN
— Tranglo (@Tranglo) May 12, 2023
Ripple acquired 40% of Asia's leading cross-border payments provider, Tranglo, in 2021. This partnership was meant to allow Ripple to meet growing customer demand in the Asian region and expand the reach of ODL, which utilizes the digital asset XRP.
Tranglo boasts of its partnership with Ripple, saying it now offers improved cross-border payout services with even broader coverage through RippleNet, Ripple's global payment network. Notably, Ripple has also broadened its ODL footprint as a result of the partnership.
Another development regarding the growth of ODL is that Bitso, a major cryptocurrency exchange in Latin America and also a Ripple partner, reported last quarter that through institutional crypto solutions like the On-Demand Liquidity (ODL) product, it exceeded $3.3 billion in transactions between the U.S. and Mexico in 2022.
Last quarter, total XRP sales by Ripple recorded significant growth, reaching $361.06 million. Ripple has continued to sell XRP only in connection with ODL transactions.
Alex Dovbnya
Godfrey Benjamin