Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Ripple Launches On-Demand Liquidity Services in Japan

1 min read

Ripple has recently collaborated with Japan-based SBI Remit Co., Ltd and Philippine-based Coins.ph to launch RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan.

By connecting SBI Remit with Coins.ph and SBI VC Trade on RippleNet, this makes the cross-border payments from Japan to the Philippines faster and more affordable.

The launch of ODL enables RippleNet customers to leverage XRP — Ripple’s native cryptocurrency — in order to eliminate pre-funding and lower operational costs.

The expansion of our relationship with SBI Remit to kickstart RippleNet’s ODL service in Japan marks a major milestone in one of our largest markets. SBI Remit has been a leader when it comes to embracing new technology to deliver the best customer experience. We are excited to partner with forward-looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future.

 

Asheesh Birla, General Manager of RippleNet at Ripple

There is an expected increase in low-value, high frequency remittances, due to foreign manpower and cross-border e-commerce experiencing long-term growth in Japan. Currently, the Filipino diaspora is the third largest in Japan.

In 2020, the overseas Filipino workers sent a total of roughly $1.8 billion remittance from Japan to their home country. Additionally, Japan has one of the costliest cross-border payment fees in the world — incurring an average cost of 10.5% versus 5.95% when sent from G8 countries.

The post Ripple Launches On-Demand Liquidity Services in Japan appeared first on SuperCryptoNews.

Source

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.