Ripple continues to expand its operations across Europe.
Ripple Labs, an America-based blockchain company, has partnered with French and Swedish companies to bring On-Demand Liquidity to Europe.
According to the press release shared on October 11th, Ripple signed two deals with Paris-based online marketplace payments provider Lemonway and Swedish money transfer provider Xbaht.
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In the press release, Ripple's Managing Director in Europe, Sendi Young, emphasized that these partnerships are integral parts of the company's goals to expand in Europe.
We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. We have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost.
Based on the press release, Lemonway will use RippleNet’s ODL for crypto-enabled payments to “enhance its treasury payments processes.” The partnership will help Lemonway to eliminate the need of pre-fund foreign accounts whose funds will be used for capital growth and business scaling.
In the press release, Lemonway's Chief Operating Officer Jeremy Ricordeau noted:
Ripple’s solution allows us greater flexibility around when we make payments to our partners, releasing us from the traditional banking cut-off cycle and driving operational efficiencies which will allow us to free up funds to invest into our business while enhancing our customer offering.
Apart from its new French partners, Ripple also joined forces with Swedish Xbaht. The company offers money transfers between Sweden and Thailand. According to Ripple, the partnership will allow Xbaht to offer “instant and cost-effective retail remittances via ODL, supported by Tranglo.”
When talking about the partnership, Xbaht Chief Executive Officer Michael Andersen noted that the collaboration with Ripple allows the company to make the process of transactions “faster and more reliable” while also lowering its costs.
Ripple claims that its plans to expand in Europe are not accidental. Ripple's New Value research showed that 59% of respondents working in European financial institutions are interested in using blockchain for payments.
Besides its expansion to Sweden and France, Ripple’s ODL currently allows payouts in 25 markets, including Poland, Thailand, Indonesia, Singapore, and Malaysia.
