On Monday morning, 25th of July 2022, Ripple released a statement and a press release mentioning that the crypto solutions provider has tied up with the Singaporean giant FOMO Pay to uplift cross-border transactions.
FOMO Pay, a Singapore-based payment solution provider, is going to use the on-demand liquidity (ODL) technology that Ripple has used for various crypto transactions and cross-border payments. In addition, FOMO Pay will utilize the ODL feature in a cost-efficient manner for two prominent currencies, U.S. Dollar (USD) and EUR.
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients with more efficient and cost-effective payment modes in different currencies. We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlements in EUR and USD globally,” as quoted by Louis Liu, the Founder and CEO of FOMO Pay.
Though the regulatory hurdles are tremendous, especially by U.S. SEC for Ripple, Ripple continues to soar and touch new highs every day. XRP, Ripple’s cryptocurrency, recently got accepted as a payment method by CryptoBar, a Tokyo-based crypto social media platform. Moreover, the minting and listing of NFTs on Ripple’s platform are working out well for the company.
Azimo, FlashFX, iRemit, Tranglo, SBI Remit, Novatti, and PyyPl have already adopted on-demand liquidity (ODL) technology using XRP as a bridge for settling instant payments.