Ripple Announces Launch of On-Demand Liquidity in Japan
Blockchain firm Ripple, in collaboration with Japanese money transfer provider SBI Remit, has announced the launch of RippleNet’s first live ODL service implementation in Japan.
As a part of the expanded partnership, SBI Remit will connect with Coins.ph and SBI VC Trade on RippleNet providing faster and more affordable cross-border payments from Japan to the Philippines. With ODL now available in Japan, RippleNet customers can leverage the digital asset XRP to eliminate pre-funding and reduce operational costs, unlocking capital and fuel the expansion of their payments businesses.
“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,” said Asheesh Birla, General Manager of RippleNet at Ripple. “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.”
On average, remitting from Japan incurs a cost of 10.5%, compared to the 5.92% in G8 countries — blockchain technology can transform the way payment transactions are made in the region. In the next phase of their partnership, SBI Remit will also connect with other established partners on RippleNet and use XRP to accelerate their payments business.
“We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital,” said Nobuo Ando, Representative Director of SBI Remit. “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.”
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