Ripple signs another deal, involving SBI, as the company continues to expand its operations in the Asian-pacific region.
Ripple to assist remittances from Japan to Philippines:
According to a recent announcement, on July 27th, Ripple has partnered with Japan-based SBI’s subsidiary SBI VC Trade. The partnership also includes a mobile payment company, Coins.ph. The alliance between the three is intended to facilitate Japan to philippines remittance service.
SBI Remit, Japan’s largest money transfer service, will enable mobile payment service Coins.ph to integrate Ripple’s ODL[On-Demand Liquidity] into their network. As an outcome of which the transfer of remittances from Japan to the Philipines will become faster, cheaper, and much more secure as well. Ripple On-Demand Liquidity service, which leverages XRP, will also eliminate the pre-funding cost. Nobuo And, SBI Remit’s Rep director noted:
“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.”
Ripple’s growing Scope in the APAC’s Remittance Market:
It is be noted that by the virtue of OLD’s growing demand, during the Q1, XRP’s sales have gone up by 97%, and ODL-supported transactions, in APAC[Asian-Pacific], are also up by 130% Year-to-date.
In addition to the fact that Japan is one of the largest destinations of foreign workers from all around the globe, the Philippines is the ninth-largest worker exporter with over 5 million of its nationals working abroad. Moreover, Phillippines is also the third-largest remittance destination from japan, capitalizing over 10%[1.8 Billion USD] of the market.
Ripple, SBI Relations:
Thanks to its relations with SBI, Ripple has an ever-growing scope in Japan’s remittance market. Despite, facing rather tough circumstances in the US, Ripple has been able to expand its operations in the APAC region.
Considering the region’s huge remittance market and Ripple’s good relation with SBI, Garlinghouse[Ripple’s CEO] has also stated that the company could shift its operations from the US to Japan.
While Other Cryptos are Speculative, Ripple’s XRP has a Real User Case, Former US Treasurer
Upgrade your trading strategy using Cindicator
SEC has No Clear Framework for Crypto, States CEO Ripple Brad Garlinghouse
Over $400 Million Liquidated in the Crypto Market After China FUD News
Ripple Grants $2 Million to Developers, as the Firm Focuses Specifically on NFT Market
Recent Press Release
1xBit review: reasons to visit it
The biggest attraction of 1xBit is that its bets are exclusively in cryptocurrencies. Its possibilities are wide, since you can...
Leading crypto gambling sites that you need to know
Cryptocurrencies have become very popular among iGaming players. But, the industry is always growing. So, it can be hard to...
Tipsy pledges to revolutionize the entertainment industry by creating the world’s first blockchain-based entertainment ecosystem
Technology plays a vital role in today’s entertainment industry. As humans, we are all constantly improving, looking for ways to...
Cryptocurrencies: The Good and the Best of the Popular Digital Coins
It has become a critical debate for around the past few weeks regarding investment in digital coins. Due to their...
Can you Get Bitcoin for Free? Check some Options
When we see Bitcoin soaring high, we tend to get wilder and more significant in terms of its value and...