In a recent interview with Tony Edward on the Thinking Crypto podcast, Simon McLoughlin, CEO of the American cryptocurrency exchange Uphold, revealed that well-known financial giants are increasingly adopting Ripple’s On-Demand Liquidity (ODL) network for cross-border transactions.
Uphold: A Key Player in Ripple’s ODL Network
McLoughlin highlighted Uphold’s role as a node within the RippleNet network, specifically for Ripple’s ODL solution. ODL leverages XRP to facilitate faster and more cost-effective international money transfers for multinational corporations.
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Traditionally, large companies struggle with the high costs and slow processing times associated with cross-border payments. According to McLoughlin, Ripple’s ODL network addresses these challenges by using XRP as a bridge currency, enabling the swift movement of large treasury funds between different regions.
Uphold Facilitates Seamless XRP Conversions
Within the ODL network, Uphold plays a critical role by providing on-ramp and off-ramp services for Ripple’s clients in the United States, United Kingdom, and European corridors.
Essentially, Uphold acts as a bridge, instantly converting XRP received by clients into local fiat currencies (USD, GBP, EUR) and handling subsequent payouts to banks within these designated regions. This implies that the transactions are not affected by crypto volatility.
A Glimpse into the ODL Network: Big Players Leverage XRP
McLoughlin’s position at Uphold grants a unique perspective into the workings of the Ripple ODL network. He revealed that Uphold has witnessed tens of millions of dollars being transferred by prominent financial institutions using XRP for cross-border settlements.
While bound by non-disclosure agreements, McLoughlin did confirm that the ODL network boasts a clientele that includes “well-known names” in the financial sector.
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XRP in Action Beyond U.S. and U.K.
While Uphold cannot disclose specific clients within the U.S. and U.K., some publicly known institutions are already utilizing XRP for international transfers through ODL.
For instance, Malaysia’s Tranglo leverages XRP to facilitate real-time transactions with countries like Singapore and the Philippines. Similarly, Japan’s SBI Remit has adopted XRP for cross-border payments involving Vietnam, the Philippines, and Indonesia.
These examples showcase the growing adoption of Ripple’s ODL network and XRP as a viable solution for efficient and cost-effective international money transfers, particularly among established financial institutions.
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