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Could Binance Be Processing ODL Transactions for Ripple?

Avatar · in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Cryptocurrency and XRP enthusiasts believe that Binance could soon become an On-Demand Liquidity (ODL) exchange. Users on Twitter claim that there is enough evidence to state that the crypto exchange will be working as an ODL platform. 

Could Ripple and Binance Sign a Partnership?

Ripple and Binance are large and recognized companies in the cryptocurrency market. Although both of them have different businesses and offer diverse services, they could become complementary firms. 

Indeed, crypto users suggest that Binance will take a role as an ODL exchange and help Ripple provide liquidity to the ODL solution they are currently offering to clients around the world. These clients are usually financial companies that perform transactions on behalf of users and customers. 

The Twitter user @CryptoCrusaderX said that if the evidence turns out to be real, it would ‘dynamite the volume.’ Clearly, more volume for Binance means more benefits for the exchange. At the same time, the user claims that a Russian corridor has been opened a few days ago. 

With the ODL service, Ripple helps companies and financial firms send and receive payments across borders. The XRP cryptocurrency works as a bridge asset that provides liquidity to the parties involved in this transaction. 

In order for Ripple to handle the fiat currencies, it has been partnering with some exchanges in different countries. These exchanges work as gateways for companies to purchase XRP and send it immediately after. The receiver will also sell the XRP coins and receive local fiat currency on his account. 

The Ripple enthusiast has shared images of a tracking tool that has been designed to detect ODL volume. According to data provided by this platform, there could be some ODL transactions related to the Russian ruble. 

However, there has been no official information about the current situation or whether they are making ODL transactions. It is also worth mentioning that it is highly possible that Binance and Ripple are processing test transactions to try and confirm the system works as expected. 

Furthermore, Changpeng Zhao, the CEO of Binance, announced earlier this year that the exchange was going to be partnering with Ripple in the future in order to help it expand its services in the future. 

XRP is currently the third-largest cryptocurrency in the market according to data provided by CoinMarketCap. At the moment it has a valuation of $9.6 billion and a price per coin of $0.221. 

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