According to the announcement at the 2019 Ripple Swell in Singapore, Peru’s largest bank, Banco Internacional del Perú, also known as Interbank, will adopt Ripple’s On-Demand Liquidity ODL, the service that uses XRP.
During the event, blockchain specialist Joisie Mantilla said that Interbank, founded in 1897 in Lima, will transfer international transactions from Ripple’s xCurrent messaging service to the ODL, the new service already adopted by the Mexican crypto exchange Bitso.
Ripple’s well-known On-Demand Liquidity service, previously called xRapid, is Ripple’s only service that uses the third crypto per market cap as a bridge between legal currencies, providing customers with the necessary ready liquidity.
In the specific Peruvian case, Mantilla said:
“In Peru, we started thinking about cryptocurrencies when they first started appearing in the US. The bank has done a great job trying to attract talent that is really focused on innovation. And we have an innovation lab inside the bank.
So we work as a team that is allowed to fail and try different things, and we started working with xCurrent in that way. And now, after a year of working with xCurrent, we have decided to move forward this year and use the cryptocurrency to do our transactions.”
To date, it seems that the ODL is achieving great success for the expansion of Ripple (XRP) which recently said it has reached over 300 customers, namely giant financial institutions that can count on a very large customer base.
In fact, the Banco Internacional del Perú ranks among the top five major banks in the country, joining other giant overseas banks in adopting XRP.
Just at the end of last month, SBI Holding announced that it would extend the adoption of Ripple XRP from Japan to Southeast Asia, with a strategic plan to want to expand remittances services across Asia.
Thanks to these numbers and the On-Demand Liquidity service, Ripple XRP’s liquidity index continues to hit record numbers.
The most recent figure published a few hours ago by the Twitter Liquidity Index Box, which records XRP’s liquidity movements on the Mexican platform Bitso, spoke of 4,876,028 XRP, while yesterday the index had exceeded 5 million XRP:
— Liquidity Index Bot (@LiquidityB) November 10, 2019