Remittance Firm, TransferGo, Reveals Plan For Adopting XRP-based Product

TransferGo, a UK-based remittance payment firm, has recently made a public announcement. The firm stated that it is making plans to adopt an XRP-based product built by the blockchain’s creator, Ripple. The San Francisco-based company focuses on blockchain applications and fintech solutions in order to accelerate payments. TransferGo incorporated RippleNet to its solutions back in 2018

A New ODL Service

The firm is making plans to leverage XRP for On-Demand Liquidity (ODL) solutions. ODL was developed on Ripplenet, allowing financial institutions to make use of reliable, cheap, and near-instant 24/7 transactions. The keystone to this solution relies on the XRP token that acts as a go-between among various institutions.

Ripple’s website explains its ODL product as an alternative solution. The website told that any financial institution could make use of the network without XRP and enjoy instant, cheap, and reliable payments. However, it stipulates that making use of the XRP digital asset to source the company’s liquidity is capable of facilitating a transaction in seconds. This frees up the capital of the company while Ripple claims it offers “the most competitive rates available today.”

Already Partnered

TransferGo had already started to make use of Ripplenet to help migrant workers send money to their homes “in just a few minutes.” Now the company is planning to expand this to the XRP-based ODL services as well.

Recently, there has been much speculation over the Ripple network and its subsequent products. Daumantas Dvilinskas, CEO of TransferGo, doesn’t share this opinion. He gave only praises to the system. He cited how Ripple provides the company with a “competitive edge” within India. He said that India is the largest market for global cross-border remittance payments. Dvilinksas stated that his company was moving “millions of pounds” every year. Through this new solution, Dvilinksas plans to save people up to 90% of transaction fees when compared to traditional cross-border transfer platforms.

Praises and Warnings

The good news for Ripple keeps on coming. The blockchain network and its ODL services have recently gained praise from the CEO of MercuryFX. He remarked that the product was a “game-changer” for the company’s operations. Before MercuryFX, Ana Botin name-dropped Ripple. The chairman of Banco Santander explained that the company was wholly committed to innovation. The company has partnered up with Ripple, Kabbage, and other US-based companies. They stated that if their company doesn’t approve of a loan, it’s able to refer it to Kabbage. They also said that Ripple was the base of the One Pay FX platform’s system.

Even if the news headlines show a bullish attitude to XRP, the crypto is reportedly still in bearish territory.

NebraskanGooner, a famous trader, observed that XRP’s chart wasn’t looking as good as it should be after the recent price actions that took place.

He pointed out that the diagonal uptrend that XRP has been enjoying for months on end has finally stopped.

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Michael is an editor at CurrencyTimes, with a background in energy and economics. He keeps an eye on Blockchain's applications in building smarter and more equitable energy access globally.

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