Ripple collaborated with SBI Remit, a large Japanese remittance provider, and Coins.ph, a cryptocurrency exchange in the Philippines, to launch the first on-demand liquidity (ODL) service implementation in Japan.
Ripple, SBI, and Coins.ph collaborate to launch Ripplenet’s on-demand liquidity
Ripple Labs announced on Wednesday that it is cooperating with SBI Remit Co. Ltd. and Coins.ph to “launch Ripplenet’s first real-time on-demand liquidity (ODL) service implementation in Japan.”
Ripple’s investor and shareholder SBI Holdings independently announced on Wednesday that SBI Remit and the cryptocurrency exchange SBI VC Trade and Ripple Labs have launched “Japan’s first international remittance service using crypto assets.” SBI Remit, a subsidiary of SBI Fintech Solutions, is one of the largest remittance companies in Japan. It has been using Ripplenet since 2017.
Coins.ph is a product of Betur Inc., a cryptocurrency exchange and leading mobile wallet service in the Philippines, regulated by the central bank Bangkok Sentral ng Pilipinas (BSP).
The expanded partnership will enable SBI Remit to establish a connection with Coins.ph and the digital asset trading platform SBI VC Trade on Ripplenet to achieve faster and more affordable cross-border payments from Japan to the Philippines.
SBI explained that after SBI Remit initiated the remittance request, SBI VC Trade sent Ripple Go to Coins.ph in real time, which converts cryptocurrency to Philippine pesos to pay the remittance recipient.
the price of Ripple After the news, the stock price rose by more than 16% on Wednesday. At the time of writing, Ripple According to the data from, the transaction price is 0.7148 USD Bitcoin.com market.
Ripple explained that “the Filipino diaspora is currently the third largest in Japan” and pointed out that the total remittance of overseas Filipino workers from Japan to the Philippines in 2020 is approximately US$1.8 billion. In addition, Japan is one of the countries with the highest cross-border payment fees in the world. Company detailed introduction:
This is Ripple’s first on-demand liquidity (ODL) service implementation in Japan, laying a foundation for promoting more adoption of encryption services in the region.Through the use of digital assets Ripple In order to eliminate the initial financing, the two companies can also free up funds to accelerate the expansion of their payment business.
SBI Remit representative director Nobuo Ando commented: “The launch of ODL in Japan is just the beginning. We look forward to continuing to advance the next frontier of financial innovation, surpassing the real-time payment in the Philippines, but also to other parts of the region.”
At the same time, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its executives is still pending. in progressHowever, Ripple CEO Brad Garlinghouse (Brad Garlinghouse) revealed that the company can Listed After the SEC lawsuit is resolved.
What do you think of Ripple’s launch of on-demand liquidity (ODL) service in Japan? Let us know in the comments section below.
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