Ripple ODL Cannot Compare to Lightning Network: RippleNet GM
Ripple currently has over 20 ODL markets open as it continues to push global coverage
RippleNet GM Asheesh Birla has taken to Twitter to debunk some “misconceptions” about Ripple’s ODL in the wake of Strike’s Shopify integration.
Last week, Strike, the digital payment platform built on Bitcoin’s Lightning Network, announced its integration with Shopify, allowing merchants to receive Bitcoin payments from customers worldwide as US dollars. Several Twitter users argued while making comparisons that this could negatively affect Ripple’s ODL.
2/ Fiat ramps are not an easy task – finding and integrating reliable payout recipients who want to work with crypto is very difficult. We have over 20 ODL markets open and we continue to maintain this lead. We are also building redundancy in core markets.
— Asheesh Birla (@ashgoblue) Apr 11, 2022
In a series of tweets, the top executive argues that the use of digital assets is part 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 pressing to feed his customers. He further notes that, despite particular challenges such as volatility and regulatory concerns related to crypto liquidity, Ripple currently has more than 20 ODL markets open as it continues to push global coverage.
Ripple’s On-Demand Liquidity (ODL) allows customers to instantly move money around the world at any time without the need for pre-funded accounts.
He concludes: ”Just swapping the cryptocurrency portion of the solution is like suggesting that GM just uses an Energizer battery and is ready to compete with Tesla. There’s a lot more to think about here.”
Recent updates in the Ripple case
In recent updates shared by attorney James K. Filan, U.S. Magistrate Judge Sarah Netburn rejected the Securities and Exchange Commission’s motion to reconsider the deliberate trial privilege (DPP) ruling. The former federal prosecutor claims it is a “very big win” for Ripple.
The court ordered the SEC to hand over an email containing a draft of the infamous Ethereum speech delivered by, among others, former top SEC official William Hinman. In June 2018, Hinman stated at a conference in San Francisco that Ethereum was not a security.
The SEC argued that these documents were protected by the DPP in order to continue to withhold them. However, the judge ruled that the personal views of the agency’s staff were not shielded by the privilege.