Skip to main content

Ripple and SBI Collaborate to Launch On-Demand Liquidity in Japan — XRP Surges

Ripple and SBI Collaborate to Launch On-Demand Liquidity in Japan — XRP Surges

Ripple has launched its first On-Demand Liquidity (ODL) service implementation in Japan in partnership with SBI Remit, a large Japanese money transfer provider, and Philippine crypto exchange Coins.ph.

Ripple, SBI, Coins.ph Collaborate to Launch Ripplenet’s On-Demand Liquidity

Ripple Labs announced Wednesday “the launch of Ripplenet’s first live On-Demand Liquidity (ODL) service implementation in Japan” in collaboration with SBI Remit Co. Ltd. and Coins.ph.

SBI Holdings, an investor and shareholder of Ripple, independently announced Wednesday that SBI Remit and crypto exchange SBI VC Trade have launched “Japan’s first international remittance service using crypto assets” in partnership with Ripple Labs. SBI Remit, a subsidiary of SBI Fintech Solutions, is one of the largest money transfer companies in Japan. It has been using Ripplenet since 2017.

Coins.ph, a product of Betur Inc., is a crypto exchange and a leading mobile wallet service in the Philippines that is regulated by the central bank, Bangko Sentral ng Pilipinas (BSP).

The announcement details:

This expanded partnership will see SBI Remit connect with Coins.ph and digital asset exchange platform SBI VC Trade on Ripplenet for faster and more affordable cross-border payments from Japan to the Philippines.

SBI explained that after a remittance request is initiated with SBI Remit, SBI VC Trade sends XRP in real time to Coins.ph, which converts the cryptocurrency to the Philippine peso to pay the remittance recipient.

The price of XRP jumped more than 16% Wednesday following the news. At the time of writing, XRP is trading at $0.7148 based on data from Bitcoin.com Markets.

XRP chart. Source: Bitcoin.com Markets.

Ripple explained that “The Filipino diaspora is currently the third largest in Japan,” noting that remittance flows from Japan to the Philippines sent by overseas Filipino workers in 2020 totaled approximately $1.8 billion. In addition, Japan has one of the highest cross-border payment fees in the world. The company detailed:

This is Ripple’s first On-Demand Liquidity (ODL) service implementation in Japan, setting the stage to drive more adoption of crypto-enabled services in the region. By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payments businesses.

Nobuo Ando, Representative Director of SBI Remit, commented: “The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”

Meanwhile, the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs and its executives is still ongoing. Ripple CEO Brad Garlinghouse has revealed, however, that the company could go public after the SEC lawsuit is resolved.

What do you think about Ripple launching On-Demand Liquidity (ODL) service in Japan? Let us know in the comments section below.



from Bitcoin News https://ift.tt/2UY3rhe
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more