Ripple Ties with Pyypl to Launch First On-Demand Liquidity Deployment in Middle East

Ripple, the blockchain company providing one frictionless experience to send money globally, announced on Monday its continuing contribution to this hotbed of fintech innovation with the first ever in-market On-Demand Liquidity (ODL) deployment in the Middle East. Through a partnership with international blockchain-based financial services company Pyypl, the two will bring instant, low-cost remittances to the area, starting with the UAE. 

Using ODL and leveraging XRP, Pyypl will provide instant, low-cost remittance options for people sending money into and out of the region (note: XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow). This is part of Pyypl’s larger mission to enable digital payments for the one billion financially underserved smartphone users in the Middle East and Africa at large. 

Beyond customer-facing services, Pyypl will also use ODL to eliminate the need for the costly pre-funded accounts normally required in traditional cross-border payments. Calling these legacy accounts an “inefficient use of capital,” Pyypl’s co-founder and CEO Antti Arponen said unlocking these previously trapped funds can help better grow and scale the business. 

Last year, Ripple has established a regional headquarters in Dubai to support its customers to improve cross-border payments via using its RippleNet.