Ripple Inc. rebrands ODL services to “Ripple Payments” for clarity, with core functionalities intact, reassuring the community.
- Ripple Inc., the U.S.-based cryptocurrency company, announces the rebranding of On-Demand Liquidity (ODL) services to “Ripple Payments.”
- The move aims to make the service more understandable to outsiders and falls in line with the industry trend of using mainstream language.
- Despite the name change, the core functionalities of ODL will remain intact within the newly branded Ripple Payments, reassuring concerned members of the Ripple community.
When Ripple Inc. removed the section about On-Demand Liquidity (ODL) from its official website, it sparked concern among Ripple and XRP Ledger communities. However, the company’s Vice President, Emi Yoshikawa, cleared the air by stating that ODL was not being removed but was simply being rebranded under the new term “Ripple Payments.”
According to Yoshikawa, the name change is designed to make the service more approachable and easier to understand for individuals who are not deeply entrenched in cryptocurrency jargon. This aligns with an observed industry trend where crypto companies are adopting more mainstream language to describe their services.
*#Ripple decided to cease using the term #ODL as it might be “Difficult to understand at First Glance for Outsiders.”
*It was decided to “Consolidate” ODL services under the term “Ripple Payments.”
👉🏻Statement was made by Ripple’s Vice President Emi Yoshikawa pic.twitter.com/mPVkjbFXNm
— Boncryp Digital Asset Advocate (@boncryp) September 17, 2023
The Importance of ODL
The functionality formerly known as ODL is an essential part of Ripple’s cross-border payment solutions. Utilizing XRP as a bridge asset, RippleNet’s ODL has provided a fast, cost-effective, and secure method for cross-border transactions. Latin America and the Asia Pacific are pivotal markets for this service, and significant partners like MoneyGram have integrated it into their payment systems.
Partners Continue to Show Faith
Despite the rebranding, Ripple’s extensive network of partners continues to show faith in the newly termed Ripple Payments. Companies like SBI and Tranglo have opened new corridors for cross-border transactions, expanding the ecosystem.
Novatti Group, another long-standing partner of Ripple, has demonstrated its confidence by launching a fiat-backed stablecoin, AUDD, based on the XRP Ledger. The stablecoin aims to offer a reliable on-chain payment solution for the Australian market.
While all these developments are occurring, XRP’s price remains at the crucial level of $0.5. Market participants are closely watching for further announcements concerning the evolution of Ripple Payments.
The rebranding of ODL to Ripple Payments initially sowed seeds of confusion and concern among Ripple’s community. However, the company’s Vice President, Emi Yoshikawa, has offered clarification that should ease those concerns. The rebranding is more of a cosmetic change aimed at simplification and mainstream adoption, rather than a fundamental shift in services. Ripple’s partners continue to expand the usage of this essential cross-border payment service, reinforcing its critical role in the global financial system.