Following the impact that COVID-19 has had on our lives as well as the economy, a need for a better payment system is needed now more than ever. Due to the fast-changing global landscape across all sectors in the world needing efficient payments, demand is seriously high. Following the impact that COVID-19 has had on our lives as well as the economy, a need for a better payment system is needed now more than ever. Due to the fast-changing global landscape across all sectors in the world needing efficient payments, demand is seriously high. These demands have highlighted the use of payment technologies such as a blockchain which is getting more popular by the day. Built on this technology or cryptocurrency is which can be used to transfer value in a cheap and much quicker fashion to other payment companies such as PayPal. Bringing XRP into the conversation, the senior vice president of product management at the San Francisco based blockchain initiative ripple, Asheesh Birla has given his opinion on how the token can bring about a fundamental change to the finance industry with real-time payments. With the space network from Ribble, users of the service can make a real-time transfers to the friends of family at negligible costs. According to space, the OnDemand liquidity from the San Francisco based company is making it even better by removing the need for the complex process of transferring payment. He further said: “These financial institutions that utilize RippleNet also have access to its On-Demand Liquidity (ODL) service. ODL eliminates the complex IOU infrastructure by allowing financial institutions to leverage the XRP ledger and digital assets as a means of instant settlement to avoid pre-funding. This frees up their capital and guarantees competitive FX rates.” It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily! Post fetched from this article
