Chad Steingraber, a well-known member of the XRP community, recently disclosed that Tranglo has started using XRP for instant transactions via Ripple‘s Payment solution. Tranglo intends to overhaul cross-border payments by employing Ripple’s On-Demand Liquidity (ODL) feature, which relies on XRP as an intermediary currency.
Ripple Partner Tranglo Leverages XRP For All Real-time Transfers
According to Steingraber’s explanation, Tranglo’s payment process consists of five careful steps. In the first step, remittance companies ask for bulk funding through RippleNet at Tranglo. Then, they draw out the desired amount in XRP from Ripple’s digital wallet.
After that, XRP is changed into fiat money in Tranglo’s exchange account. Next, the wallet of the licensee is then credited for the remittance payout. Ultimately, Ripple generates an invoice for the transaction to be paid.
In March 2022, Tranglo implemented Ripple’s On-Demand Liquidity (ODL) service following a successful pilot test in September 2021. During this trial period, which handled over 250,000 transactions amounting to $48 million within the first 100 days, the effectiveness and capacity of Ripple’s offering became apparent.
After teaming up with Ripple, Tranglo has experienced significant increases in transaction volumes. In fact, small and medium businesses handled an astounding $970 million worth of transactions in 2022 through Ripple’s On-Demand Liquidity (ODL). This represents a massive 1,729% jump from past figures. This surge in activity highlights the expanding popularity of Ripple and XRP.
Does It Affect XRP Price?
Although Tranglo processes a large number of transactions using Ripple’s On-Demand Liquidity (ODL) service, there is still uncertainty about how this might influence XRP‘s market value. Steingraber clarified that most of these transactions take place off-exchange through over-the-counter (OTC) channels rather than on public crypto markets.
He noted, “The reason #XRP price is not affected by today’s partnerships and ODL/Payments utility use described below: ALL use of #XRP globally today is essentially OTC trading that does not touch public crypto exchanges.”
In addition, Steingraber argued that XRP‘s significant price increase would result from the entire public supply being used up due to heightened transactional demand from businesses. He stated, “Ultimately, sky-high prices will arise when the entire public supply has been exhausted.”
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2024-04-17 15:56