In collaboration with SBI Remit, Ripple has launched its first On-Demand Liquidity (ODL) service in Japan.
Ripple launched a new cooperation with SBI Remit, Japan’s largest money transfer provider, Coins.ph, and SBI VC Trade, a digital asset exchange platform, to transform remittance payments from Japan to the Philippines.
Buyers flocked in after it was revealed that the firm is aiming for the $1.8 billion Filipino Remittance Corridor, and XRP rallied to $0.70. The announcement of “Japan’s first global remittance service leveraging crypto assets” in collaboration with Ripple Labs has caused quite a stir, causing the XRP price to rise.
This expanded partnership will see SBI Remit join with Cash.ph and digital asset alternate platform SBI VC Commerce on Ripplenet for quicker and extra inexpensive cross-border funds from Japan to the Philippines.
Every year, Filipinos in Japan send about $2 billion to their homeland. It’s a costly affair, according to Ripple, because Japan has one of the highest remittance fees in the world. The Filipino diaspora, according to Ripple, is one of the ten largest in the world, with more than five million Filipinos living overseas.
Following the news, the value of XRP increased by more than 10 percent. At the time of writing, the price of XRP is $0.70.
The disclosure comes amid a long-running dispute between Ripple and the Securities and Exchange Commission (SEC) in the United States, which impacted severely on XRP at the end of last year. Ripple’s operations have not been halted as a result of the litigation.
Ex-SEC Director of Corporation Finance William Hinman was recently deposed by Judge Sarah Netburn. The former SEC Director of Corporation Finance was deposed yesterday, July 27, but because it was not a public hearing, the public was unable to view it at the time.