Coins.ph supports more than 75 top banks as payment outlets using Ripple’s ODL.
Prominent Philippines-based cryptocurrency exchange Coins.ph has continued to leverage Ripple’s On-Demand Liquidity (ODL) service for cross-border payments and settlements.
Since Coins.ph partnered with Ripple to use ODL for cross-border settlements, the cryptocurrency exchange has added support for top payment outlets worldwide.
Currently, Coins.ph supports more than 75 payment outlets through Ripple’s ODL solution. Some of the payment outlets Coins.ph supports through the solution include top banking giants like Citibank, Deutsche Bank, HSBC, ING Bank N.V., JPMorgan Chase Bank, Standard Chartered, Sumitomo Mitsui Banking Corp., Bank of America, etc.
Prominent XRP enthusiast and YouTuber Crypto Eri shared the development today. The XRP influencer also promised to create a video to share more details.
Payout Outlets using #XRP
"https://t.co/n4agwnIkta supports the following payment outlets through On-Demand Liquidity" (Warning: Some Heavy Hitters😅) JPMorgan, Bank of America Nat'l. Ass'n, Citibank, N.A. (Tokyo), Sumitomo, ING, Deutsche Bank, Standard Chartered… and roughly… pic.twitter.com/IJpeHu6F8N
— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) April 17, 2023
Through ODL, Coins.ph can instantly transfer funds to any supported payment outlets at a relatively lower cost than traditional financial institutions offer. Notably, the ODL solution leverages XRP as a bridge between two fiat currencies.
Based on this, Coins.ph will utilize the service to transfer funds from the Philippines Peso to XRP and then from XRP to the supported currency of any payment outlet.
The development comes days after Coins.ph halted XRP deposits and withdrawals due to technical issues. Interestingly, the technical team of the leading cryptocurrency exchange resolved the problem in less than 24 hours.
I was watching the ODL partner in the Philippines with an outage of services for #XRP for the last 24 hours, but everything is up and operational again. https://t.co/din1cFA9zO pic.twitter.com/Op9O8ohWFn
— 🌸Crypto Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) April 11, 2023
Coins.ph Partner Ripple for Cross-border Settlements
Coins.ph has been a significant partner of Ripple. The company’s first major partnership with Ripple dates back to 2018. In August 2018, Ripple announced Coins.ph, alongside Bitso and Bittrex as its preferred cryptocurrency exchanges for transacting with its xRapid system.
Ripple’s chief markets strategist Cory Johnson stated that the Silicon Valley tech company would encourage its US, Philippine, and Mexico clients to use any of the exchanges for instant cross-border settlements.
Interestingly, Ripple expanded its partnership with Coins.ph in 2021. Ripple announced the live implementation of its ODL service for cross-border transactions between Japan and the Philippines.
The initiative saw Coins.ph link up with Japan’s SBI Remit to leverage the ODL solution to facilitate transactions between the countries.
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