- Ripple’s CTO, David Schwartz, said that the firm is witnessing more demand for its remittance product than expected.
- He initially thought Ripple would only see demand in historically expensive payment routes with low levels of liquidity.
David Schwartz, Ripple’s chief technology officer, has said that the firm is experiencing more demand for its XRP-powered remittance product than expected. Schwartz said that he initially thought Ripple would only see demand in inefficient and historically expensive payment routes with low liquidity levels. Responding to a question regarding an apparent $1.5 million rise in 24-hour EUR/USD volume on Ripple’s ODL, Schwartz said that the customers are proving him wrong.
I didn’t think it would make sense in corridors that are already so efficient and liquid, but we have customers who say the speed and availability at all hours and during holidays makes it useful to them. -Jo@elKatz
In November, Ripple had discussed its plans to expand the reach of ODL. The firm had promised to launch additional corridors in Asia-Pacific, Europe, the Middle East, Africa and Latin America. The liquidity solution currently serves popular companies, including goLance, Viamericas, MoneyGram, Interbank Peru and FlashFX.