Sirlibz
SBI Holdings joins Ripple in a bid to launch the XRP Remittance Platform known as ODL in Asia. ODL will allow Banks and other Financial institutions to send fiat currencies across in an instant with the aid of XRP as the bridge cryptocurrency.
SBI Ripple Asia Chief Executive Adam Traidman in an interview with Tony Edward on his YouTube channel Thinking Crypto, it was revealed that the company is currently testing the product with the aim of releasing it in a matter of months.
ODL is a solution that changes the fundamental layers of the banking system and how money is moved and that technology is super exciting. It’s just rolling out now, for SBI Ripple Asia we have limited trial and pilot projects going on right now with various companies in our territories, and they’re going great.
I expect that probably later this year and into next year things are going to move into widespread production, and I expect remittance companies that were restricted in growth because of pre-funding requirements to have a lot more flexibility.”
The ODL platform is said to have already started gaining traction and attention from those within those regions. Adam goes on to explain why it’s gaining this much attention and also refers to the platform as a game-changer in the Remittance space.
There are customers of SBI Ripple Asia that are starting to leverage ODL technology for Ripple…
ODL changes everything. ODL means that you can basically convert your yen in real time into XRP in Japan, send it over to Vietnam over the public XRP blockchain, then convert it in real time to [Vietnamese] dong so you’re not subject to these currency fluctuations, and then that dong can be made available to my family member in Vietnam.”
You can see the Interview here.
