Japan’s first On-Demand Liquidity (ODL) service implementation helps Ripple to drive the adoption of crypto-enabled services.
Showcasing the use of cryptocurrency in monetary transfers, Ripple
has become a known partner for traditional institutions that wish to
revamp their cross-border remittance services. Taking this vision
further ahead, Ripple announced a new partnership with Japan’s SBI Remit Co., Ltd to transform remittance payments from Japan to the Philippines.
Ripple’s
latest partnership will see the involvement of mobile payments service
Coins.ph and digital asset exchange platform SBI VC Trade to provide a
cheaper remittance option to its customers. This will be made possible
by using XRP to eliminate the pre-funding costs.
According
to the official statement, Japan’s first On-Demand Liquidity (ODL)
service implementation helps Ripple to drive the adoption of
crypto-enabled services. The representative director of SBI Remit, Nobuo
Ando, stated:
“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.”
This
announcement stays in line with Ripple’s intent to expand its services
for the Asia-Pacific (APAC) markets as it continues to see transactions
growing 130% year-over-year. A recent report also showed that Ripple’s
XRP sales shot up 97% in Q1 due to the rising demand for its ODL service.
Related: It is time for the US to create a ‘Ripple test’ for crypto
Despite
Ripple’s conflict with SEC authorities against the XRP securities
lawsuit, Ripple frontman Brad Garlinghouse informed that the company had not suffered any setbacks in the APAC region.
“We
have been able to continue to grow the business in Asia and Japan
because we’ve had regulatory clarity in those markets,” Garlinghouse
said.
Ripple recently appointed a new managing director to plan out its roadmap to dominance in the Southeast Asian region.
By involving former Uber executive Brooks Entwistle, Ripple’s Southeast Asia wing doubled down on its expansion plans against the market’s “fairly complex, country-specific schemes.”
source link : https://cointelegraph.com/news/japan-to-test-ripple-s-odl-service-for-money-transfers-to-philippines
