Ripple Inc. has announced their partnership with Azimo. Azimo will now integrate On Demand Liquidity in their operations and use XRP.
This way, remittance will not only be faster and cheaper for end users, but Azimo would also slash costs while serving as many clients as possible.
Ripple foothold in Asia Pacific
Undoubtedly, Ripple is spreading their wings in Asia Pacific, and their decision to partner with Azimo is strategic and positive for XRP holders.
It is also less than 24 hours after Ripple announced their partnership with three more firms in South Korea.
In this deal with Azimo, XRP will enhance the company’s capabilities into the Philippines. Migrant Filipinos send upwards of $34 billion according to a 2018 report by the World Bank.
However, Ripple says it plans to open up more corridors across the region.
The CEO of Azimo, Richard Ambrose, while commenting on this development, said:
“We’ve been interested for a long time in the potential of digital assets like XRP to make cross-border payments better for customers. Ripple’s ODL solution has significantly reduced the cost and delivery time for cross-border transfers, and our customers are seeing the benefits.”
Over 12 Firms Use XRP and On Demand Liquidity
By using XRP and ODL, Azimo joins a dozen other companies who are already using ODL in their operations. Some of them include TransferGo and goLance.
In the words of a @TransferGo customer: @Ripple provides a “smoother, more reliable service” than the legacy system, and makes an impact on their bottom line. For SMEs in particular, that impact is huge.https://t.co/55VSTearNO
— Brad Garlinghouse (@bgarlinghouse) May 30, 2019
Nonetheless, not many Ripple partners are comfortable with XRP as a medium of cross border transfer. Specifically, the lack of regulatory clarity remains a big impediment.
Just recently, Brad Garlinghouse the CEO of the $10 billion company said he was on the mission of educating their clients, a majority of who are in the financial industry.
Ripple making a splash with its valuation hitting $10 billion today. Here what our traders see ahead for the cryptocurrency exchange. pic.twitter.com/KPkzJDHbEx
— CNBC's Fast Money (@CNBCFastMoney) December 20, 2019
Ripple’s Pending Court Cases
Ripple, it must be noted, has its fair share of scrutiny and court cases.
Initially, there were three court cases forwarded by the plaintiff who claimed that the company’s executive including Brad had sold them XRP. XRP, they argue, is an unregistered security and wanted compensation for losses incurred.
At their peak, prices soared to as high as $3.26 before tumbling in subsequent sessions.
At the time of writing, the coin is trading at $0.23, down from Feb 2020 highs of $0.30.