Ripple has taken steps to make its services even more accessible and user-friendly. The company has thus rebranded “ODL” to “Ripple Payments.” The decision stems from the company’s desire to make its cross-border payment solution more understandable and accessible to a wide audience, while retaining its essential functions.
The move on Ripple and XRP
Since its launch in 2018, Ripple’s ODL system has played a key role in providing instant and cost-effective solutions for international transactions. In that system, XRP was used as an intermediary currency.
Nonetheless, the recent renaming of the ODL section of Ripple’s website has caused puzzlement among market participants and investors, who have begun to question its motive.
Emi Yoshikawa, Ripple’s vice president for strategy and operations, immediately dispelled any concerns by shedding light on the situation. Referring to the name change to “Ripple Payments,” Yoshikawa explained that the main purpose of the rebranding is to make the service more accessible to people who are unfamiliar with the language of cryptocurrency.
As she explains:
“ODL is a word that is difficult to understand at first glance for those outside the industry, so we decided to use the term Ripple Payments. This is a step towards transforming the language of cryptocurrencies into one that is more understandable to everyone.”
ODL’s great success
It should be noted that despite the rebranding, Ripple Payments will continue to operate in the same way as the existing ODL. Emi noted that the rebranding was aimed at simplifying and facilitating product acceptance by a wider audience, without affecting the fundamentals of the service provided.
Despite these changes, Ripple’s ODL partner network continues to grow, now covering more than 55 countries worldwide. Financial institutions such as SBI and Pyypl are welcoming Ripple payments.
A remarkable success in this expansion is the increase in ODL usage reported by Tranglo, one of Ripple’s main partners in the Asia-Pacific region. According to the official report, Tranglo has seen an incredible 1700% increase in ODL usage, exceeding all expectations in 2022. ODL transaction volume increased from $53 million in 2021 to an incredible $970 million in 2022, and then reached a remarkable $2 billion in the first half of 2023.
Ripple’s mission remains unchanged
Tranglo’s achievements are a manifestation of the incredible growth and resilience of Ripple’s partner ecosystem, especially in the face of regulatory challenges and market uncertainty. The success of Ripple’s payment solutions can be attributed to their scalability, cost-effectiveness and speed.
The rebranding initiative underscores the company’s commitment to making its services available to everyone, without affecting the core functions that have made Ripple a key player in cross-border transactions. Although the name has changed, the commitment to innovation and user-friendly solutions in Ripple’s mission remains the same.