The Ripple case, which has been going on for many years, finally has a glimmer of hope for victory. The payment network company Ripple hopes to resume cooperation with its financial institution clients so that they can resume using Ripple's ODL services with peace of mind.

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Ripple hopes customers will use ODL services again

Stu Alderoty, general counsel of payment network company Ripple, said in an interview with CNBC that Ripple plans to start discussions with financial companies this quarter. It is hoped that these US banks will resume using Ripple's ODL service after the ruling.

Note: ODL (On Demand Liquidity) is one of the services that utilizes Ripple’s distributed ledger and XRP. It uses XRP as a medium for exchanging different fiat currencies to facilitate cross-border remittances.

Alderoty said:

We hope that this judgment will give financial institution clients or potential clients some peace of mind that they can at least discuss their business issues with transferring value across borders without incurring high fees.

According to The Block, Bank of America (BoA) trialed Ripple’s technology in 2019, but is waiting for the case to be resolved before further cooperation. American Express and Santander Bank also partnered with the company for cross-border payments in 2017. Due to the uncertainty of the lawsuit, most of Ripple’s customers are currently located outside the United States.

Ripple launches CBDC platform outside the United States

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

Ripple is currently working with more than 20 countries on their CBDC plans, including Palau, Bhutan, and Montenegro.