Ripple has launched its first On-Demand Liquidity (ODL) service implementation in Japan in partnership with SBI Remit, a large Japanese money transfer provider, and Philippine crypto exchange Coins.ph.
Ripple, SBI, Coins.ph Collaborate to Launch Ripplenet’s On-Demand Liquidity
Ripple Labs announced Wednesday “the launch of Ripplenet’s first live On-Demand Liquidity (ODL) service implementation in Japan” in collaboration with SBI Remit Co. Ltd. and Coins.ph.
SBI Holdings, an investor and shareholder of Ripple, independently announced Wednesday that SBI Remit and crypto exchange SBI VC Trade have launched “Japan’s first international remittance service using crypto assets” in partnership with Ripple Labs. SBI Remit, a subsidiary of SBI Fintech Solutions, is one of the largest money transfer companies in Japan. It has been using Ripplenet since 2017.
Coins.ph, a product of Betur Inc., is a crypto exchange and a leading mobile wallet service in the Philippines that is regulated by the central bank, Bangko Sentral ng Pilipinas (BSP).
The announcement details:
This expanded partnership will see SBI Remit connect with Coins.ph and digital asset exchange platform SBI VC Trade on Ripplenet for faster and more affordable cross-border payments from Japan to the Philippines.
SBI explained that after a remittance request is initiated with SBI Remit, SBI VC Trade sends XRP in real time to Coins.ph, which converts the cryptocurrency to the Philippine peso to pay the remittance recipient.
The price of XRP jumped more than 16% Wednesday following the news. At the time of writing, XRP is trading at $0.7148 based on data from Bitcoin.com Markets.
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