Ripple’s VP confirms that the firm only rebranded the missing “ODL services” section on its website to “Ripple Payments” for clarity and says core functionalities remain intact.
For the uninitiated, Ripple’s ODL (On-Demand Liquidity) is a cross-border payment solution for instantaneous and cost-effective transactions. ODL is one of Ripple’s most used services among financial institutions. ODL uses XRP as a bridge currency for settlements.
Recently, Ripple removed the ODL section from its official website. The move sparked concerns among market participants and investors. Daikoku, an early XRP investor, was among the users who raised concerns.
ODL Services Rebranded Under Ripple Payments
Ripple’s VP for Strategy and Operations, Emi Yoshikawa, reacted to Daikoku’s comments to clarify the situation. According to Yoshikawa, ODL was not removed from the website but rebranded under a new term, “Ripple Payments.”
— Emi Yoshikawa (@emy_wng) September 15, 2023
She explained that the rebranding aimed to make the service more approachable and easier to understand for those with little knowledge of cryptocurrency jargon.
The rebrand represents a transition from crypto-like jargon to more mainstream words. It aligns with an industry-wide trend of crypto companies adopting mainstream language for their services.
Despite the rebranding, users should expect Ripple Payments to work precisely as ODL did. The rebrand aims at simplification and mainstream adoption, not a shift in its services.
Ripple’s Network of Partners Grows
Notably, the partnership network of Ripple has only continued to grow. Top financial institutions like Tranglo, Moneygram, SBI Remit, and Pyypl use Ripple’s Payment services.
Tranglao recently reported increased ODL usage by over 1,700% in 2022. Tranglao’s volume on ODL increased from $53 million in 2021 to $970 million in 2022. In the first half of 2023, the figure grew to $2 billion.
Ripple will work with Tranglo to expand its services to three new countries. They include the Philippines, Vietnam, and Indonesia. Ripple will assist in seamless fund transfers across its extensive global partner network.
The adoption of Ripple’s payment solution has only continued growing thanks to enhanced scalability, cost-effectiveness, and speed. The rebrand doesn’t change any of its services. Instead, it makes it easier for everyone to understand Ripple’s services.