Ripple published on howdigitalization is happening worldwide and on how e-transactions have increased by more than 40% and on how digital remittances are spiking. They have clarified on how it means for the economy.
The Asheesh Birla insight talks about how there has been a dramatic shift in the global economy and on how the digital payment services continue to play a critical role for people from across the world. The entire focus is on people who are sending money home and the loved ones who are waiting for the money to fulfill their needs.
Reportedly, there is an 80% increase in digital payments in Italy. Further, the global digital payment processes are increasing in number and e-transactions have increased by 40%. However, the digitization of the global payments will not come soon enough, but he states that RippleNet’s On-Demand Liquidity (ODL) services in a way to facilitate and provide for the market demand.
Since the digital asset XRP can be sent instantly, directly and cost effectively there is no need for a central intermediary and therefore XRP is able to eliminate the additional costs related to sending cash payments, which in turn can be used efficiently as an alternative to pre-funding.
Further clarifies stating that ODL benefits in eliminating pre-funding which is advantageous during the pandemic due to increased risk and volatility. The stress caused by pre-funding is thus eliminated. As the world is in need of change, Ripple is in the course of change. The benefits of ODL helps maintain and growth the market share.
Acknowledging, Sydney Ifergan, the crypto expert tweeted: “It is nice to see that Ripple (XRP) are focused and supportive of low value transactions, which is very important for SMEs and overall economic prosperity.”
Ripple (XRP) to Eliminate Pre-Funding
Increasing numbers of financial institutions are interested in knowing about RippleNet’s ODL service and the associated benefits of eliminating pre-funding.
Stuart Alderoty, General Counsel at Ripple tweeted: Very welcome news from @BrianBrooksOCC and @USOCC today – this is a significant hurdle crossed to bring digital assets into the mainstream financial system with regulatory approval.
In response, Brad Garlinghouse expressed that the currency ruling is a huge step forward. Also that, the @USOCC is absolutely leading the way to foster innovation, thus protecting consumers and providing a level playing field for all. The future has never been fiat versus crypto – these can and should coexist in harmony.