Ripple has set itself the goal of revolutionizing payment traffic. In recent years, the corporate has already been ready to attract large partners who use Ripple’s payment solutions commercially. Among them are players like Santander or MoneyGram. On-demand liquidity (ODL) is of particular interest to investors, because it is that the only payment solution from Ripple that uses XRP as a bridge currency. Investors are therefore not only keen for Ripple to continue introducing new partners to its own system, but to specialise in ODL with XRP. On Wednesday Ripple announced that goLance, a freelancer online platform with over 500 million registered profiles, will integrate ODL with XRP.
Ripple ‘s ODL with XRP as payment solution for goLance
When you consider Ripple and XRP, you think that of banks and payment service providers. But it’s not only in these areas that there’s untapped potential and problems in payment transactions. Other areas also are facing similar challenges. this is often also the case with goLance, a corporation that focuses on the freelancer market.
The freelancers who use the platform to urge new orders repeatedly encounter essential problems when it involves payments and transfers. Freelancers are often booked during a nother country and paid in a different currency. The payment not only takes several days, but also costs half a fortune in fees to vary and transfer. Especially when the value of the freelancer’s service is manageable. A classic problem from the remissen market.
The CEO of goLance, Michael Brooks, said the following:
“I fly planes to places just like the Philippines and meet these people face to face. This has helped me to ascertain first hand why freelancers are overly sensitive to the value and time it takes them to pay. RippleNet’s on-demand liquidity gives us the power to form highly efficient and cost-effective payments that keep our customers happy and drive the expansion of our business.”
Ripple offers Freelance many new opportunities
The partnership with goLance already exists since last summer. so far it had been only unclear whether the corporate will only use RippleNet as a payment solution or also will switch to ODL with XRP. With the potential of ODL, consistent with the CEO of goLance, the prices for international payments of their own customers are often massively reduced.
Through the partnership with Ripple, goLance can’t only use ODL with XRP, but also establish new relationships with other banks more quickly, for instance to make new payment corridors. consistent with the corporate , the method previously took a minimum of six months. Brooks hopes to make new payment channels to places that were previously difficult to access.
XRP stable and BTC too volatile? Questionable explanation of the CEO
Brook also commented in Ripple’s blog post on why the corporate chose XRP rather than Bitcoin:
“Our job is to form sure people can purchase food. That’s why we chose a stable, benefit-oriented digital asset like XRP. We could have used Bitcoin, but its value is just too volatile, and therefore the recipient has the added step of converting it into their Fiat currency. If there’s a drag , i can not call Bitcoin. Ripple may be a service provider. I even have visited their offices round the world and work with their teams to form our payments faster and more efficient.”
Ripple can position itself well with XRP. With transaction processing in seconds, XRP may be a great bridge currency compared to Bitcoin and lots of other crypto currencies. But where Brooks gets the thought that XRP is more stable and fewer volatile than Bitcoin isn’t clear from the report. The XRP rate is strongly hooked in to the Bitcoin rate, a bit like the opposite Altcoins. Therefore it’s currently not the case that XRP is more stable over a extended period of your time than BTC.
We remain curious how the mixing of ODL with XRP will proceed at goLance and whether or not they can bring additional trading volume into the respective payment corridors. we’ll stay tuned and keep you up so far as always.
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