The CEO of SBI Ripple Asia Adam Traidman says that Ripple is now testing its On-Demand Liquidity (ODL) Solution in Asia where the cryptocurrency firm is expected to gain greater expansion for its payment solution.
Recently on June 18, CEO Adam Traidman appeared in an interview on a YouTube channel named Thinking Crypto where he has given a forecast for Ripple’s ODL payment solution and says it is likely to see a greater expansion by 2021 in Asia.
Ripple begins rolling out ODL solution in Asia
Adam Traidman says in the interview that the company has begun rolling out the ODL payment solution in Asia. For the ODL payment corridor, the company is going to conduct various pilot projects and trials in Asia with some other companies.
Therefore, Traidman is expecting wider expansion for Ripple’s payment solution in Asia by the year 2021. According to him:
I expect that probably later this year, and into next year, things are going to move into wider spread production. I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital—they’re going to have a lot more flexibility.
ODL Solution can reduce the cost and time
The On-Demand Liquidity payment solution of Ripple is used for cross-border money transfers and it utilizes Ripple’s XRP which serves as a bridge currency during this procedure. This payment solution has the capability to decrease the delivery time and lower the other costs of the network.
Traidman is of the view that the ODL technology is the most suitable for cross-border payments. He said:
The [ODL] technology is much more suited for cross-border payments where the costs are a lot higher [..] Ripple’s tech is great in Asia and very successful in South America.
However, he also claimed that this payment corridor may not be the best-suited for every country out there.