Bitcoin exchange Bitstamp based in Luxembourg is moving one step further to the simplicity by adding support for the fiat deposits via Ripple-powered technology.
The exchange customers from now on are able to instantly replenish their accounts with the U.S. dollars thanks to the Australian company FlashFX that opened a new payment corridor in the Ripple On-Demand Liquidity (ODL) system, which uses the XRP token for transactions.
ODL allows converting Australian dollars to the U.S. dollars, which is afterward sent to a Bitstamp user account through an address in the Ripple system.
FlashFX CEO Nicolas Steiger said:
"As one of the earliest adopters of Ripple’s On-Demand Liquidity, we’ve seen the benefits firsthand of the product and its potential to not only dramatically improve cross border payments for customers, but to also impact our bottom line. We’re excited to be at the forefront of using this technology and to help Australians save time and money when transferring money overseas."
Earlier iHodl reported that TransferGo, a popular UK-based payments firm, is exploring the possibility of integrating Ripple's XRP-based solution. Daumantas Dvilinskas, TransferGo Co-founder and CEO, says that by 2020 "even a few minutes will be too slow,” which is the reason why they have decided to use Ripple's On-Demand Liquidity (ODL) system, which provides an almost instant conversion between fiat currencies using XRP.
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