Digital currency is gaining traction across the globe each day. According to the 2022 New Value Report by Ripple(XRP), 70% of respondents from financial institutions in Europe thought that blockchain, the core technology that underpins Ripple’s cryptocurrency solutions, would have a huge or major impact on their industry over the next five years.
Sweden’s Stockholm-based investment company has teamed up with Ripple to offer its institutional investors and traders on-demand liquidity. In other words, the investment company will quickly exchange XRP for Swedish krona and back, enabling its investors to buy and sell XRP without having to wait for a settlement.
While the majority of cryptocurrency companies are fighting to survive, Sendi Young, the company’s managing director for the UK and Europe, claims that Ripple is in good condition and plans to hire more than 300 people this year.
Lemonway, a pan-European payment company situated in Paris, has worked with Ripple since 2020 to streamline cross-border payments and reduce payout times for their consumers. In order to improve its internal treasury management, Lemonway is now utilizing Ripple’s On-Demand Liquidity (ODL) service, further solidifying its position as the industry leader in payments.
In August, Travelex Bank became the first financial institution in Brazil to increase its trading activity using Ripple’s ODL service. Given that there is still a substantial market for the company’s products in Europe, Ripple wants to strengthen its European expansion push by establishing the ODL solution in France and Sweden.
Ripple has stabilized itself as the go-to partner for businesses looking to access global crypto liquidity to be utilizing blockchain technology and crypto firms. Due to this, cross-border payment frictions including long settlement periods, a lack of transparency, and exorbitant costs are no longer present.
Through these collaborations, consumers, and companies in Sweden and France can use Ripple to transfer real-time payments across borders.