{"id":202736,"date":"2021-10-27T05:00:52","date_gmt":"2021-10-27T04:00:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=202736"},"modified":"2021-10-27T07:56:57","modified_gmt":"2021-10-27T06:56:57","slug":"ripple-deploys-its-first-on-demand-liquidity-tool-in-the-middle-east","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ripple-deploys-its-first-on-demand-liquidity-tool-in-the-middle-east\/","title":{"rendered":"Ripple deploys its first on-demand liquidity tool in the Middle East"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As digital payments transactions rapidly continue to grow in the Middle East and North Africa (MENA) region, <\/span><a href=\"https:\/\/cryptoslate.com\/ripple-announces-44-million-fund-for-solar-energy-projects-in-the-us\/\"><span style=\"font-weight: 400;\">Ripple<\/span><\/a><span style=\"font-weight: 400;\"> partners up with an international blockchain-based financial services company Pyypl in a bid to bring instant, low-cost remittances to the area.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the official <\/span><a href=\"https:\/\/ripple.com\/insights\/ripple-continues-to-build-momentum-in-mena-with-first-on-demand-liquidity-deployment-in-middle-east\/\"><span style=\"font-weight: 400;\">announcement<\/span><\/a><span style=\"font-weight: 400;\">, the United Arab Emirates (UAE) will be the first country in the region to welcome the new services.<\/span><\/p>\n<h2><strong>First-ever in-market ODL deployment in the Middle East<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u201cToday, Ripple announced its continuing contribution to this hotbed of fintech innovation with the first-ever in-market On-Demand Liquidity (ODL) deployment in the Middle East,&#8221; read the announcement.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We\u2019re thrilled to share that we\u2019re partnering with <a href=\"https:\/\/twitter.com\/pyypl?ref_src=twsrc%5Etfw\">@Pyypl<\/a> to bring <a href=\"https:\/\/twitter.com\/hashtag\/ODL?src=hash&ref_src=twsrc%5Etfw\">#ODL<\/a> to the Middle East for the first time! <a href=\"https:\/\/t.co\/I96xdXv6fw\">https:\/\/t.co\/I96xdXv6fw<\/a><\/p>\n<p>&mdash; Ripple (@Ripple) <a href=\"https:\/\/twitter.com\/Ripple\/status\/1452863057747718146?ref_src=twsrc%5Etfw\">October 26, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe MENA region is home to 2 of the top 3 remittance corridors in the world \u2013 having sent $78 billion in remittances in 2020 \u2013 which is why we\u2019re excited that this partnership will drive innovation thereby facilitating instant, low-cost remittances,\u201d Ripple pointed out on Twitter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using ODL and leveraging <\/span><a href=\"http:\/\/xrp\"><span style=\"font-weight: 400;\">XRP<\/span><\/a><span style=\"font-weight: 400;\">, Pyypl will provide faster and cheaper remittance options for people sending money into and out of the region.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cXRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow,\u201d Ripple noted in the announcement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">RippleNet Managing Director in APAC and MENA Brooks Entwistle commented on the partnership and expressed his excitement about the future, \u201cbecause leaders in the region are hyper-focused on paving the way for necessary financial improvements.\u201d<\/span><\/p>\n<h2><strong>Introducing digital payments to the 1 billion unbanked users\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">According to the announcement, the new partnership with Ripple falls in line with Pyypl\u2019s larger mission to enable digital payments for the one billion \u201cfinancially underserved\u201d smartphone users in the region.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBeyond customer-facing services, Pyypl will also use ODL to eliminate the need for the costly pre-funded accounts normally required in traditional cross-border payments,\u201d added the announcement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pyypl\u2019s co-founder and CEO Antti Arponen said that \u201cunlocking these previously trapped funds can help better grow and scale the business.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As digital payments transactions rapidly continue to grow in the Middle East and North Africa (MENA) region, Ripple partners up with an international blockchain-based financial services company Pyypl in a bid to bring instant, low-cost remittances to the area. According to the official announcement, the United Arab Emirates (UAE) will be the first country in [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":202730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5789,60208],"tags":[72399],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ripple deploys its first on-demand liquidity tool in the Middle East<\/title>\n<meta name=\"description\" content=\"Ripple partners up with Pyypl in a bid to bring instant, low-cost remittances to the Middle East and North Africa (MENA) region.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ripple-deploys-its-first-on-demand-liquidity-tool-in-the-middle-east\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ripple deploys its first on-demand liquidity tool in the Middle East\" \/>\n<meta property=\"og:description\" content=\"Ripple partners up with Pyypl in a bid to bring instant, low-cost remittances to the Middle East and North Africa (MENA) region.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/ripple-deploys-its-first-on-demand-liquidity-tool-in-the-middle-east\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-27T04:00:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-27T06:56:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/ripple-middleEast.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ana Grabundzija\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ana Grabundzija\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/ripple-deploys-its-first-on-demand-liquidity-tool-in-the-middle-east\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/ripple-deploys-its-first-on-demand-liquidity-tool-in-the-middle-east\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#person\",\"name\":\"Ana Grabundzija\",\"url\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/cs-author-ana-300x300.jpg\",\"caption\":\"Ana Grabundzija\"},\"jobTitle\":\"Journalist\",\"description\":\"Dr. Ana Grabundzija is a Zagreb-bred writer with an academic background in anthropology. 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