IOU Issuers are businesses that provide an entry point into the XRP Ledger.

They enable customers to transfer funds – both traditional and cryptocurrency – using the XRP Ledger.

This means that customers can use the IOU Issuer to:

• Deposit funds in exchange for IOUs issued by the IOU issuer.
• Transfer their IOUs to another XRP Ledger address as IOU.
• Withdraw funds by redeeming IOUs issued by the IOU issuer.

Qovex was one of the first IOU issuers.