- Ripple forms new Partnerships in France and Sweden amid the crypto bearish phase.
- Ripple signed deals with Lemonway, Paris-based payment provider for online marketplaces and Swedish money transfer provider, Xbaht.
On October 11, 2022 Ripple welcomed its two new On-Demand Liquidity (ODL) partners, LemonWay in France and Xbaht in Sweden, to make easier payments around the world.
Ripple’s European Expansion
In the recent Press Release, Ripple announced its first ODL customer in France as it joins forces with Lemonway, using RippleNet’s ODL, which leverages XRP for crypto-enabled payments, to enhance its treasury payments processes. This recent partnership with Lemonway came at a time when France showed itself to be forward-thinking when it comes to embracing the potential of crypto technology.
After the partnership with Ripple, Lemonway is now able to drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad. It also provides it the opportunity to use previously trapped pre-funded capital to grow and scale its business.
On the other hand, the second new ODL customer of Ripple is Xbaht, enables money transfer between Sweden and Thailand. This new partnership with Ripple considers the company offering instant and cost-effective retail remittances via ODL. It will be supported by Tranglo, the cross-border payment hub based in Singapore.
The Leaders Talk
Sendi Young, Managing Director, Europe, Ripple mentioned in the Press Release as “We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. Since our inception ten years ago, Ripple has focused on using blockchain and crypto to build real use cases. This is why 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.”
Jeremy Ricordeau, Chief Operating Officer, Lemonway expressed as “By using Ripple’s ODL to underpin Lemonway’s treasury operations we are looking forward to bringing significant benefits to our business which we can in turn pass onto our clients. Ripple’s solution allows us greater flexibility 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.”
Additionally, Michael Andersen, Chief Executive Officer, Xbaht mentioned that “Xbaht was founded to build a money transfer service for Thai people living in Sweden. Like Ripple, we believe that international payments should be quick and seamless. This is why we’re excited to establish our new partnership to streamline the process for our customers sending remittances between the two countries, making the process faster and more reliable, and lowering the cost.”
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
