Ripple Grows Reach into Europe with Two Partnerships

US-based blockchain and crypto solutions provider Ripple has announced its first On-Demand Liquidity (ODL) customer in France, partnering with Lemonway, and in Sweden with Xbaht.

The partnership sees Lemonway using RippleNet's ODL, which uses XRP for crypto payments, to add to its treasury payments processes. Swedish money transfer provider Xbaht will facilitate money transfers between Sweden and Thailand.

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Ripple's ODL enables low-cost and instant cross-border payments without the need for pre-funded accounts, as the company says. According to Ripple's press release, the partnerships will eliminate the need for Lemonway and Xbaht to pre-fund their accounts when making transactions abroad. The ODL solution will help address cross-border payment problems related to speed, reliability, and excessive transfer cost.

Lemonway COO Jeremy Ricordeau commented that using Ripple's ODL will allow the company to free up some funds which can be passed as benefits to their clients.

(Source: The Paypers)