Ripple partners with Pyypl to deploy ODL in UAE

Ripple partners with Pyypl to deploy ODL in UAE
Ripple partners with Pyypl to deploy ODL in UAE 5

Ripple Lab is moving towards another level to bring the adoption of their platform for the on-demand liquidity in the United Arian Emirates, Middle East. 

Amid the ongoing US regulators’ lawsuit battle, San Francisco based firm Ripple Lab is still on the path of expansion of their ecosystem to bring advancement in the payment solutions. In the latest, Ripple established a partnership with Pyypl. 

On 25 October, Ripple firm announced that they partnered with fintech firm Pyypl. The main initiative of the partnership is to provide on-demand liquidity (ODL) in the Middle East with the involvement & use of Ripple’s native token XRP. 

As per Ripple records, UAE & Saudi Arabia facilitated around $78 billion in remittances. And these records are in the top three remittances, so by taking these remittances, Ripple will start its new initiative in UAE with Pyypl fintech firm. 

Ripple noted through the official press release that 

“Ripple was the first enterprise company to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. By using ODL, financial institutions and Small- and Medium-Sized Enterprises (SMEs)  can now leverage previously trapped, pre-funded capital to grow and scale their business.”

Here one thing is noticeable that XRP will not be held in the UAE and also not the payments flow for the United Arab Emirates dirham [AED] will take place. 

Alongside Ripple’s announcement, Pyypl stated that the new initiative of Pyypl-Ripple is to decrease the dependency of the users from high fees accounts in cross border transactions. 

Antti Arponen, CEO & Co-founder of Pyypl, stated about this partnership and said that they are excited about this partnership with Ripple Lab. And further he added

“..the deployment of ODL to the Middle East. This enables our ever-increasing number of users to deliver remittances instantly and cost-effectively”

Read also: Cardano founder Meets Zanzibar President on Cardano Africa Tour