- A new job posting by Ripple suggests that a new trading platform on the XRP Ledger will be launched soon.
- This could make it possible to launch digital assets on the XRP ledger.
Ripple provides corporate payment solutions that enable transactions to be processed across borders at low cost and in near real-time. Last year, Ripple commercially released On-Demand Liquidity (ODL), formerly known as xRapid, and has since attracted well-known partners like MoneyGram to use ODL. A new job posting now suggests that Ripple is working on the development of a new trading platform based on the XRP Ledger that uses ODL.
Ripple works on next generation trading platform
A new job offer from Ripple is currently causing a stir in the community on the greenhouse.io job platform. Ripple is looking for an Engineering Manager for On Demand Liquidity, who as a system architect will link ODL with a new trading platform. The job description says:
We’re looking for an engineering manager to lead and shape the team responsible for the ODL customer experience, integration into our next generation trading platform and be a critical part of defining the future trajectory of On Demand Liquidity and RippleNet.
The manager will work at Ripple’s San Francisco headquarters, coordinating and overseeing the entire code architecture, design and all relevant stakeholders. So far, no further details are known about how the trading platform will interact with ODL or what the concrete implementation plan will look like.
ODL acts as a bridge currency, making the use of nostro accounts for pre-financing completely unnecessary. ODL provides immediate liquidity, so that transfers to any destination in the world can be executed quickly and cheaply. The best-known Ripple Partner using ODL is MoneyGram. The company processes more than 10% of its total transaction volume between the USA and Mexico by using ODL.
MoneyGram CEO Alexander Holmes is enthusiastic about ODL and describes how the switch to ODL has resulted in major cost and time savings:
What I love about ODL is that we’re completely at the forefront of this technology … We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL.
Ripple is showing innovation
David Schwartz recently revealed in an episode of “Ripple Drop” that Ripple is working on a feature that will allow companies to issue assets on the XRP Ledger that are tied to an external value of another asset or currency. This would make it possible to issue stablecoins or other cryptocurrencies based on the XRP ledger without further problems.
Xpring is also working on improving the interoperability between XRP and ETH based on the Interledger Protocol (ILP). Ripple developer Warren Paul Andersson describes how it is important to build the bridge between XRP and ETH and ERC20 tokens, as XRP has no function to execute smart contracts for use in the rapidly growing decentralized finance (DeFi) market.