Institutional blockchain services provider Ripple and blockchain-based financial services technology company Pyypl have announced the launch of the first-of-its-kind on-demand liquidity service (ODL) in the Middle East.
Ripple brings ODL to Middle East SMES
In a statement on the official Team blog, Ripple announced its launch and service in the Middle East in cooperation with Pyypl, its financial services branch in the Middle East, to ensure smoother, faster and lower-cost cross-border pay-per-view in the Middle East. The ODL service performs this task by using Ripple’s own XRP token and eliminating the need for expensive pre-financing accounts. The service will primarily benefit small and medium-sized enterprises (SMEs), which will be able to expand business using the previously discontinued capital.
The Surge Continues to Dominate the Middle East
The BVSA region (Middle East and North Africa) is one of the two highest financial transfer corridors in the world. The transfer sunday of Saudi Arabia and the United Arab Emirates (UAE) brought in a total of $ 78 billion in 2020. As one of the most progressive financial areas and regulatory frameworks in the world, the region is ideal for transforming the blockchain.
According to Brooks Enthusle, RippleNet MD, APAC and Mena,
“Mena remains a critical region for Ripple due to our excellent customer base, positive rules and our regional focus on the necessary developments in the current financial system. The appearance of another ODL launch on the market indicates that digital assets will play a central role in the future of global payments.”
Pyypl joins Ripple’s Middle East ODL initiative
As a global financial company with impressive financial influence in the UAE, Pyypl is well qualified for this role. The company is also certified according to the Financial Services Regulatory Authority of ADGM.
Pyypl offers a payment service based on blockchain
