Today, blockchain payments leader Ripple announced a strategic partnership with European money transfer company Azimo, which will adopt Ripple’s On-Demand Liquidity (ODL) solution powered by the XRP cryptocurrency. Initially focusing on transfers to the Philippines, Azimo plans to expand ODL services to additional markets in the future.
About Azimo
- Headquarters: UK, Poland, and the Netherlands.
- Customer Base: Over 1 million users.
Growth Metrics:
- Ranked in the Sunday Times Tech Track 100 (2019) with a 72.44% average revenue growth rate over three years.
- Processed $1+ billion in transfers (2019), despite 2018 revenues of £10.8 million ($14m).
- Recent Funding: Secured €20 million ($22m) in venture debt from the European Investment Bank (EIB).
Why XRP and ODL?
Richard Ambrose, Azimo’s CEO, highlighted the advantages:
“Digital assets like XRP can revolutionize cross-border payments. ODL has already reduced costs and transfer times, delivering tangible benefits to our customers.”
He added that widespread ODL adoption could:
- Replace traditional foreign exchange methods.
- Reduce settlement times to near-instant levels.
RippleNet and ODL Adoption
- RippleNet Users: 300+ companies.
- ODL Users: 24 (primarily money transfer firms).
- Recent Milestone: Ripple closed a $200 million Series C funding round.
FAQs
Q: How does ODL improve cross-border transfers?
A: By leveraging XRP as a bridge currency, ODL eliminates pre-funding requirements, reducing liquidity costs and speeding up transactions.
Q: Which regions will Azimo serve with ODL first?
A: The Philippines is the initial focus, with plans to expand to other high-demand corridors.
Q: Why do most ODL users specialize in remittances?
A: Money transfer firms handle high volumes of low-value transactions, making them ideal candidates for XRP’s cost and efficiency benefits.
👉 Discover how XRP is transforming global payments
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