During an interview with Ripple Labs, the Chief Executive Officer of a freelance market company goLance, Micheal Brooks, discussed all the advantages of using the RippleNet payment protocol as well as the On-Demand Liquidity (ODL) service powered by XRP for the business in addition to their clients.
RippleNet is an international payment system by Ripple Labs with more than 300 financial institutions from over 40 countries worldwide as its users. Members of this network allows the users to make international payments that are quick, transparent as well as low-cost and can be executed using different currencies. Despite the fact that the On-Demand Liquidity service, that uses the company’s digital currency XRP for payments across different currencies, is not required to be used with RippleNet, it does improve the experience by decreasing the cost and time of the transactions. The members of the network, such as MoneyGram, and present On-Demand Liquidity users.
The Chief Executive Officer of goLance at the beginning of his interview with the crypto company stated that goLance is a firm for freelancers by freelancers. After that, Micheal Brooks explained how beneficial it was for them to use the RippleNet system along with On-Demand Liquidity and how it allowed to reach parts of the world where there is a lot of room for growth that face hardships while making payments.
He also gave a number of examples saying that people with low salaries in different parts of the world are not willing to pay a large portion of their salary to a bank that does the transfers hence why RippleNet is such a wonderful option with low fees and fast transactions. He added that we are moving away from transactions that can take place only while the banks are working and moving to a faster market.