RippleNet GM Asheesh Birla has taken to Twitter to debunk some ”misconceptions” about Ripple’s ODL in the wake of Strike’s Shopify integration.
Keep in mind that using digital assets is one* component of the ODL solution. 1/ Our team has built expertise in markets against super hard fiat destination currencies (PHP, MXN, etc) – we solved the challenges w/ liquidity to ramp up hundreds of customers over the years.
— Asheesh Birla (@ashgoblue) April 11, 2022
Ripple ODL can’t be compared with Lightning network: RippleNet GM
Last week, Strike, a digital payments platform built on Bitcoin’s Lightning Network, announced an integration with Shopify, thus allowing merchants to receive Bitcoin payments from customers globally in dollars. US dollars. Some Twitter users, in comparison, claimed that this could have a negative impact on Ripple’s ODL.
In a thread of tweets, the top exec states that using digital assets is one component of the ODL solution as the Ripple team demonstrates expertise in markets against super hard fiat destination currencies (PHP, MXN, etc.) while solving liquidity challenges by ramping up its customers. He also further noted that despite particular challenges such as volatility and regulatory concerns regarding the liquidity of cryptocurrencies, Ripple presently has more than 20 ODL markets open as it continues to push global coverage.
Ripple’s On-Demand Liquidity (ODL) allows customers to instantly transfer funds around the world without the need for a pre-reimbursed account.
He concludes, ”Swapping just the cryptocurrency part of the solution suggests that GM use an Energizer battery and is ready to compete w/ Tesla. There’s a lot more to consider here.”
In a recent update shared by defense attorney James K. Filan, U.S. District Court Judge Sarah Netburn dismissed the Securities and Exchange Commission’s motion to reconsider the deliberate process privilege (DPP) ruling. The former federal prosecutor claims it is a “very big win” for Ripple.
The court ordered the SEC to turn over an email containing a draft of the infamous speech on Ethereum given by former top SEC official William Hinman among other documents. Back in June 2018, Hinman stated that Ethereum is not a security, at a conference in San Francisco.
The SEC argued that the DPP protected these documents from continuing withholding them. However, the judge held that the agency staff’s personal views were not shielded by privilege.
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