Ripple plans to re-engage with financial institutions to promote the use of ODL in the United States.

The long-standing legal battle of the Ripple case has finally seen a glimmer of hope as payment network company Ripple hopes to resume cooperation with financial institution clients, allowing them to confidently restore the use of Ripple's ODL service.

Details on the development and implications of the Ripple case: Reading through the XRP court documents, explaining the reasons why XRP has not escaped the securities risk in the cryptocurrency circle

Ripple Hopes Customers Will Resume Using ODL Services

Ripple's General Counsel Stu Alderoty stated in an interview with CNBC that Ripple plans to engage with financial institutions this quarter, hoping that these U.S. banks will resume using Ripple's ODL services after the decision is made.

Note: ODL (On-Demand Liquidity) is one of the services utilizing Ripple's distributed ledger and XRP, using XRP as a medium to exchange different fiat currencies to facilitate cross-border remittances.

Alderoty said:

We hope this decision will provide comfort to financial institution customers or potential customers. At the very least, they can try to discuss the business issues they face in transferring value across borders without incurring high costs.

According to The Block's report, Bank of America (BoA) in the U.S. tested Ripple's technology in 2019 but decided to wait for the case to conclude before further collaboration. American Express and Santander Bank also worked with the company in 2017 for cross-border payments. Due to the uncertainty of the lawsuit, most of Ripple's clients are currently located outside the U.S.

Ripple Launches CBDC Platform Outside the U.S.

Ripple announced in May the launch of the Ripple CBDC platform, offering central banks, governments, and financial institutions the ability to issue their own central bank digital currencies. Using the same blockchain technology as the XRP Ledger (XRPL), it allows users to fully manage and create legally-based central bank digital currencies, transactions, and issuance.

Ripple is currently working with over 20 countries to develop CBDC plans, including Palau, Bhutan, and Montenegro.

《Details about Ripple CBDC Platform》