Connect with us

News

Ripples Odl Service Will Be Tested In Japan For Money Transfers To The Philippines

Ripple has become a well-known partner for traditional institutions looking to modernize their cross-border remittance services by demonstrating the usage of bitcoin in monetary transfers.
Ripple announced a new cooperation with Japan’s SBI Remit Co., Ltd to change remittance payments from Japan to the Philippines, taking this ambition even farther.
Ripples’ latest relationship will see Coins.ph, a mobile payments service, and SBI VC Trade, a digital asset trading platform, collaborate to offer customers a cheaper remittance option.
This will be achievable thanks to the use of XRP to eliminate the need for pre-funding.
Japan’s first On-Demand Liquidity (ODL) service installation, according to the official release, aids Ripple in driving the use of crypto-enabled services.
“The launch of ODL in Japan is just the beginning,” said Nobuo Ando, representative director of SBI Remit. “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 areas of the region as well.”
According to a recent report, Ripples XRP sales increased by 97% in Q1 due to increased demand for its ODL service.
Related: It’s time for the US to adopt a ‘Ripple test for crypto’ Despite Ripple’s legal battle with the SEC over the XRP securities lawsuit, Ripple CEO Brad Garlinghouse stated that the business had not experienced any difficulties in the APAC region.
“We’ve been able to continue to build the business in Asia and Japan because of regulatory clarity,” Garlinghouse explained.
Ripple just hired a new managing director to chart the company’s path to supremacy in Southeast Asia.
Ripples Southeast Asia wing doubled down on its expansion plans against the markets’ “quite sophisticated, country-specific programs” by enlisting former Uber CEO Brooks Entwistle.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Must See

More in News