Ripple has completed the ODL trademark registration in the UAE, and will provide XRP online payment and P2P transaction services

Ripple has completed the ODL trademark registration in the UAE, and will provide XRP online payment and P2P transaction services

Blockchain company Ripple has recently had a lot of good news about its litigation with the US SEC. There was good news on the (3) day of this year. The community found an announcement from the Commercial Registration Department of the Ministry of Economy of the United Arab Emirates (UAE), showing that Ripple’s on-demand liquidity (ODL) trademark has been registered locally.
(Summary of the previous situation: Ripple is another city! Request the SEC to disclose the employee trading strategy to be approved, and wants to call the former official to testify in court )

RuiRipple (XRP) community member @WKahneman shared an announcement from the United Arab Emirates (UAE) in this (3) day tweet, announcing that the company’s ODL trademark has now been officially registered with the local Ministry of Economy.

Netizen @Dr_k_alanezi assisted in translation to the effect:

The UAE Government-Ministry of Economy-Commercial Registration Department announced that Ripple’s “On-Demand Liquidity” (ODL) trademark has been officially registered to provide P2P financial data exchange services

In addition , the content of the document pointed out that the company will also provide a virtual currency (should be XRP) for exchange on a computer network, and help verify the payment and deliver it from the sender to the recipient. Ripple submitted an application for ODL registration to the UAE regulatory authority in October 2020.

Extended reading: “Ripple CEO Listing Declaration” ushered in court litigation and succeeded again. Investors’ confidence increased and XRP once soared 15%

Further reading: Challenge SWIFT, the central banks of China and the UAE join the m-CBDC “multiple central bank digital currencies” cross-border network

Ripple ODL development history

ODL is an enterprise-level software product, so users don’t need to prepare XRP in advance, as long as they purchase it according to the demand before use. In fact, the ODL service was also one of the points that Ripple focused on when it was sued by the US Securities and Exchange Commission (SEC) at the end of last year.

As the dispute is about whether XRP is a “securities”, even though Ripple claims that the token is mainly used as a “universal digital asset” for bank cross-border transfers, according to the company’s ODL development dynamics, this does not seem to be convincing.

At the time, the column of the dynamic zone pointed out that Ripple did not seriously test the ODL function for the first time in 2018, and did not officially launch ODL for commercial use until October of that year. And since its launch, the attention it has received has not been high, partly because it is more expensive to use.

From its launch in October 2018 to July 26, 2020, only 15 currency transfer institutions signed an agreement that may use ODL, and none of them is a bank. In addition, ODL transactions accounted for no more than 1.6% of XRP transaction volume in any quarter.

In March of this year, under the SEC’s prosecution, MoneyGram, a long-term business partner that used Ripple ODL for cross-border transactions in 2019, also announced the formal termination of the partnership.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ripple-has-completed-the-odl-trademark-registration-in-the-uae-and-will-provide-xrp-online-payment-and-p2p-transaction-services/
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