Ripple is now onboarding new On-Demand Liquidity (ODL) partners that leverage XRP and the XRPL for other use cases beyond remittances.
In a disclosure by prominent XRP community member, WrathofKahneman (WOK), the intriguing case of Ripple’s latest On-Demand Liquidity (ODL) partners has come to light, showcasing how XRP is being used for diverse purposes beyond traditional remittances.Â
One notable partner, Nutrisource, an agricultural company based in Singapore, has made significant strides in sub-Saharan Africa since 2020.
Unravelling the mysteries of #Ripple’s latest ODL partners and how #XRP might be used: NutriSource. Nutrisource was announced as an ODL user in November. Who or what is Nutrisource? A little dive with hints on a new dimension to Ripple’s business strategy. A ?/ 12. pic.twitter.com/vP6ZsUThWS
— WrathofKahneman ? (@WKahneman) July 25, 2023
In Uganda, Kenya, Cameroon, and Tanzania, Nutrisource empowers farmers through technology-driven solutions, utilizing an agrochemical business and a cutting-edge FarmSanta app.
The FarmSanta app has become instrumental in Nutrisource’s collaboration with Ripple’s ODL, providing farmers with real-time access to vital financial inputs and transparent price discovery for their produce.
WOK stressed that this functionality is especially valuable for farmers, such as an Ivorian farmer mentioned in a previous interview who previously struggled to obtain price information at the port of Abidjan.
What sets Nutrisource apart is its alignment of operations with trade finance. However, the specific use case for XRP remains unclear. Similar trends are seen with other recent ODL partners, including Oceanus, Valency, and Star Dreams.
WOK rightly emphasized that this growing pattern highlights XRP’s potential as a robust infrastructure beyond traditional remittance and treasury operations.
Ripple Sets the Stage
Ripple’s pivotal announcement in November 2022 laid the groundwork for this paradigm shift. The company, renowned for its payment solutions tailored to financial institutions, expanded its services to cater to corporate customers like Nutrisource, recognizing untapped potential in various industries.
The expansion encompassed trade, agriculture, e-commerce, technology, and supply chain segments, signifying Ripple’s commitment to evolving in response to customer needs.
This transformation in Ripple’s approach was driven by the desire to address the limitations of the legacy financial system across multiple use cases.
While remittances were initially the focus, customer interest led Ripple to explore new growth avenues. Consequently, the company’s global payments network saw a surge in applications like internal treasury management, salary disbursements, and bulk transactions.
From November through January, Ripple also announced some new payment partners and ODL users, as per details from @WKahneman.
The unfolding narrative of Ripple’s ODL partners leveraging XRP for trade and agribusiness heralds a new era for the cryptocurrency’s utility, diversifying its use cases and strengthening its position as an essential component of financial infrastructure.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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