XRP price jumps 19% following a Ripple announcement in Japan
Embroiled in its lawsuit against the SEC, Ripple continues to expand its business around the world.
Its main Japanese partner SBI will indeed use Ripple ODL (On-Demand Liquidity) service for money transfers between Japan and the Philippines.
“Now, SBI Remit Co., Ltd, the largest money transfer provider in Japan, is teaming up with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to transform remittance payments from Japan to the Philippines. Using On-Demand Liquidity, the three will provide faster, more affordable remittance options for customers. This is Ripple’s first On-Demand Liquidity (ODL) service implementation in Japan, setting the stage to drive more adoption of crypto-enabled services in the region. By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payments businesses.”
The Philippines is the third largest destination for remittances from Japan, with 1.8 billion US dollars circulating each year from Japan to the Philippines!
Nobuo Ando, Representative Director of SBI Remit, said:
“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.
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.”
Ripple, through its partners, therefore continues to work on the development of the international business of its product Ripplenet, pending a probable future resolution of its lawsuit with the SEC.
The American startup has also declared that it intends to go public once its legal concerns are resolved.
If the XRP price was impacted by this lawsuit, it therefore goes back up with this positive announcement for the company.
A Ripple price currently around $0.72 on Kraken while the Bitcoin price goes back above $40,000.