The number of companies confirmed to be on board with Ripple’s XRP-based cross-border payments product ODL is growing.
Along with the high profile launch of ODL by payments giant MoneyGram, several companies have recently announced plans to integrate the platform, including the corporate banking company FTCS, the crypto exchange BTC Markets and the foreign exchange company JNFX.
ODL relies on cryptocurrency exchanges, which can accept fiat from financial institutions and send the equivalent value of XRP to a corresponding exchange, where it is then swapped back to a local fiat currency. Here’s an updated look at all of the companies that say they plan to – or already have – integrated ODL.
- Euro Exim Bank
- SBI Virtual Currencies
- BTC Markets
- Mercury FX
In a recent interview, MoneyGram CEO Alexander Holmes said it’s still early days for ODL and that his company is working to perfect the new money transfer model. The platform currently powers one-tenth of MoneyGram’s transaction volume between the US and Mexico.
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