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Ripple News Today – What Does Ripple’s New ODL Corridor from the UK to Thailand Mean for Ripple and XRP – October 6th, 2020

  • Ripple Recently Announced the Launch of a New ODL Corridor Between the United Kingdom and Thailand Established by Bitkub
  • New Payment Corridor Will Increase Adoption of the Blockchain and the XRP token 

Ripple News Today – One way Ripple intends to take over the cross-border remittance service industry is by creating payment corridors across countries. These corridors allow people to transfer volume from point A to point B within a moment’s notice and at an affordable price. Yesterday, the CEO of Bitkub, Topp Jirayut, announced the launch of a new payment corridor for Ripple between the United Kingdom and Thailand. He said that he has tested the new corridor and the funds he transferred were sent within 30 seconds after the transaction was approved. The fees were only 0.05% of the amount sent.

Ripple News Today – The New Payment Corridor is One of the Most Exciting On RippleNet

According to the renowned CEO, the new payment corridor is just like other Ripple’s ODL. In his words;
“One of the most exciting projects is Ripplenet Blockchain. This project allows Thai people to transfer – remit money from Thailand to the UK within 30 seconds. Fees are 0.05%. Meaning that in the future we can transmit [money]between England and Thailand in a frictionless manner.”

Bikub announced its partnership with Ripple in January. At the time, the company noted that they choose to use the XRP token as a backend transaction protocol because it is cheaper and faster for receiving and sending money across the globe. Since Bikub is currently the largest exchange in Thailand with over 95% of the total market share, their use and consistent patronage of Ripple will help in promoting adoption for the network and the XRP token.

During the Ripple Swell Conference that took place a while ago, the SVP Global Operations at Ripple said that Ripple is working on releasing its ON-Demand Liquidity solution in Thailand this year. Shortly after, rumors arose that Ripple might work with its banking partners and Ripple will use Bitkub as a gateway.
Meanwhile, the General Manager at RippleNet, Asheesh Birla said that Ripple is working on expansion plans. In his words;
“Ripple’s growing engineering team—including VP of Engineering Vidya Mani – are continuing to deliver services that enable customers to easily accelerate business performance and scale”.

This inline with an official blogpost from Ripple about its expansion plans;
“In concert with the University Blockchain Research Initiative (UBRI), Ripple Impact is a natural extension of Ripple’s products and services. Ripple’s global payment solutions and initiatives are helping transform how vulnerable populations, remitters and small businesses worldwide send and receive money across borders.”
All these moves will work toward the global adoption of Ripple and the XRP token. Maybe, XRP will finally get the exposure it needs to thrive in the digital market. This may also give the price of the token the surge it needs to make progress.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

Source
Smartereum

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