- Japanese financial giant SBI plans to utilize Ripple’s On-Demand Liquidity (ODL) product.
- SBI VC Trade, SBI Group’s crypto asset exchange business, aims to leverage XRP for ODL-based remittances.
- SBI’s initiatives solidify its relationship with Ripple, aiming to expand the adoption of crypto assets for remittances.
SBI, a leading Japanese financial giant, has announced its plans to use Ripple’s On-Demand Liquidity (ODL) product to enhance domestic and international remittances in Japan. SBI VC Trade, the crypto asset exchange business of SBI Group, has shared its future plans to use XRP for ODL-based remittances in Japan and the Philippines.
The announcement was made during a webinar that featured speeches from Emi Yoshikawa, Ripple’s Vice President of Strategy & Operations, and Tomohiko Kondo, the Representative Director and President of SBI VC Trade. The webinar aimed to discuss the recent court ruling in the Ripple case and provide information on effectively utilizing XRP.
SBI VC Trade plays a crucial role in facilitating XRP transactions as Ripple’s exchange partner for ODL in Japan. To carry out remittances, Japanese customers use local payment companies like SBI Remit and Asian Net, which collaborate with SBI VC Trade. The funds in Japanese yen are transferred to the ODL system established by SBI VC Trade, which then converts the assets from yen to XRP and then to the recipient’s local currency.
For recipients in the Philippines, SBI VC Trade converts XRP to the Philippine peso, partnering with coins.ph, a crypto exchange based in the Philippines. This collaboration ensures a seamless payout process for the recipients.
The strong relationship between SBI Group and Ripple is further solidified with these developments. Both entities aim to leverage the potential of XRP and Ripple’s ODL solution for remittances within Japan. SBI introduced the Midsummer XRP Festival campaign following the favorable court ruling in Ripple’s favor. This campaign features various initiatives designed to bolster the presence of XRP in Japan.
The future of Ripple and XRP in the crypto space looks promising. With SBI’s initiatives and the potential of Ripple’s ODL solution, XRP is poised for significant growth. The coin’s ability to facilitate seamless remittances indicates a positive trajectory for XRP in the crypto market.
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- Source: https://cryptonewsland.com/ripples-odl-and-xrp-powering-japans-sbi-remittance-revolution-in-asia/
