Ripple has been on an acquisition streak, after it acquired the Iceland-based crypto-trading firm, Algrim. The acquisition followed that of Logos Network and aims at providing better service to its RippleNet customers. One of the vital products of RippleNet was xRapid, used by many financial institutions for cheap and efficient cross-border payments. However, the team has now re-christened the name of this popular product to “On-Demand Liquidity.”
Emi Yoshikawa, Senior Director, Global Operations and Partnership at Ripple, today informed the community about the changes visible on Ripple’s website through a Twitter thread. She said,
“In other words, what was previously called xRapid is now called On demand liquidity, abbreviated ODL. Regardless of whether you use ODL or the traditional liquidity scheme (prefunding), the rest is the same mechanism (platform), such as remittance messaging.”
The team has been very vocal about ramping up its efforts around On-Demand Liquidity, especially with payment corridors functioning in the Philippines and Mexico. With these new changes, financial institutions using RippleNet in the traditional liquidity scheme can switch to ODL.
The on-boarding to Algrim and its six new engineers will lend a hand to Ripple in building ODL as part of its acquisition. Amir Sarhangi, Vice President of Product Innovation at Ripple, while talking about the partnership, clarified that the two teams will be working towards bringing a particular corridor live, with Algrim’s expertise in the area.
“What I really like about that is, traditional exchanges have really matured over the years and the technology and overall scaling of that industry is really top notch. Then the team switched over and started working with crypto exchanges which is in general more nascent in terms of technology and maturity.”
With a combination of expertise in traditional exchanges and knowledge of cryptocurrency exchanges, the team aspires to bridge the gaps on the crypto side.