Australian Users of Crypto Exchange Can Now Make Instant Deposits with Ripple ODL

Rick Delafont

5 years ago

2 mins read

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Australian users of the crypto exchange Bitstamp will now be able to deposit US dollars to their account instantly using a Ripple-powered money transfer service called Flash FX. Transfers to the long-running trading venue would previously take days.

Flash FX uses Ripple Labs’s instant global settlement service, On-Demand Liquidity. The service makes the digital asset XRP a bridging currency between the customer’s Australian dollars and the US dollars supported by Bitstamp.

Buy Bitcoin Instantly at Bitstamp Thanks to Ripple’s Crypto XRP

Australian users of the crypto asset trading venue Bitstamp will now be able to fund their accounts with US dollars much faster thanks to Ripple-powered global payments startup Flash FX. The company uses Ripple’s On-Demand Liquidity service to facilitate the near-instant payments. The news comes via a post to Flash FX’s website.

Traditionally, Australian Bitstamp users would have been forced to transact via SWIFT through their bank or another payments firm. A now antiquated system, SWIFT transfers take days and incur significant fees.

Using Flash FX, traders no longer need to wait for funds to arrive in their Bitstamp accounts. The service uses the Ripple-associated digital currency XRP to allow the near-instant settlement. Once customers have loaded their Flash FX account with Australian dollars, they can send them to the exchange via RippleNet and take up exposure to any of the crypto assets supported by Bitstamp. Currently, these are Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Ether (ETH), and XRP itself.

The Flash FX service makes use of Australia’s new payments platform (NPP), as well as the On-Demand Liquidity service from Ripple. NPP is a national platform designed to simplify and speed up payments between participating financial institutions in Australia.

FlashFX: Fund Your Bitstamp USD Account in Minutes

Our users can now fund their Bitstamp account with USD in minutes. Experience the power of Ripple using the new FlashFX product offering.#Ripple #OnDemandLiquidity #Payments

https://t.co/XkRUFgZwvm pic.twitter.com/oIxUJLLBIV

— Flash Payments (@FlashPayments) December 2, 2019

Ripple’s On-Demand Liquidity service allows RippleNet participants to send payments in one currency and for them to be received in a different currency in seconds. It works by exchanging funds to XRP to make the transfer, before converting them into the receiving currency.

NewsBTC reported last month on Ripple completing its investment in the US money transfer firm, MoneyGram. The $50 million total investment will reportedly help to support MoneyGram’s use of the On-Demand Liquidity service.

Despite news of apparent growing XRP adoption amongst companies early to use the On-Demand Liquidity service, the price of the digital asset has not experienced any noticeable uptrend versus the wider crypto market. The dollar value of the third largest digital asset by market capitalisation has spent much of 2019 in decline to its current price of $0.219.

Featured Image from Shutterstock.

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.