Ripple has made immense news this year, particularly due to its dispute with the Securities and Exchange Commission [SEC]. This didn’t stop the platform from doing business. Ripple was expanding and Japan appeared to be its newest venture.
The SEC blatantly accused Ripple of selling unregistered securities. Although neither party to the case decided to settle, the case persisted. The platform seemed to have realized that the US could be a hard nut to crack, so it focused on its on-demand liquidity [ODL] Services.
A number of platforms have started to see that the Asian market is a very promising one. As a result, several companies have explored Asian waters and Ripple has joined the list. The platform’s recent announcement revealed that a brand new ODL payment corridor has been launched between Japan and the Philippines.
Ripple for swimming in Japanese waters
Japan’s SBI Remit, the remittance division of the SBI group, would reportedly do this with the Philippines’ prominent cryptocurrency exchange, Coins.ph. According to reports, both parties would use XRP as a bridge currency. Users could then convert the XRP received into the Philippine Peso.
Continue reading the announcement,
“With this program, SBI Remit will expand its offering of transfers to the Philippines by adding recipients via Coins.ph as an extension of the recipients of conventional transfers to the Philippines. In addition, this scheme uses the cryptocurrency XRP as a bridge currency, and by leveraging the abundant liquidity of XRP that SBI VC Trade owns, it reduces transfer costs such as pre-financing with SBI Remit and the international transfer business. We believe that this will lead to a strengthening of competitiveness in Japan. “
In addition, SBI hopes to further expand its collaboration with Ripple while focusing on the destination countries for transfers, particularly Southeast Asia.
Ripple’s ODL services have made progress this year and have become a prominent service after the wave of digitization.