Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?
July 29 2021 - 2:00PM
NEWSBTC
Payment’s solution company Ripple revealed the launch of a new
corridor between Japan and the Philippines. This is the company’s
first On-Demand Liquidity (ODL), a payment solution leveraging
token XRP, in Japan. The corridor has been launched in
collaboration with SBI Remit, one of the country’s most prominent
money transfer provided, according to Ripple, and the leading
mobile wallet for the Philippines, Coins.ph. The payment solution
will connect the wallet with the digital exchange platform SBI VC
Trade on RippleNet. Thus, people from these countries can use this
Ripple payment channel to benefit from fast, low-cost, and
cross-border money transactions. Consumers in Japan can eliminate
the need for pre-funding transactions and cut their costs to send
money from this country to the Philippines. Therefore, consumers
and entities in Japan can access a tool to access capital with a
fast and low-cost bridge between the countries and potentially
drive the expansion of their payments business, Ripple added in a
press release. Brad Garlinghouse, CEO at Ripple, celebrated the
launch of the new corridor: Hugely excited about our newest ODL
corridor — Japan is one of our largest markets. With regulatory
clarity and innovative partners like SBI, the region is ready for a
crypto-enabled future. General Manager of RippleNet at Ripple,
Asheesh Birla, called this partnership a major milestone in what is
the company’s “largest markets”. Birla added: We are excited to
partner with forward looking companies like SBI that see the value
in blockchain technology and to support them in preparing for a
crypto-enabled future. Ripple To Improved Payment Rails Between
Philippines and Japan The payment corridor and the expansion of the
cooperation between SBI and Ripple seek to become an alternative in
Japan. The country has one of the highest cross-border payment
fees, according to data provided by the World Bank, with a 10.5%
average cost of sending remittances. In contrast, it cost citizens
in Canada, France, the United States, Italy, and others, around a
5.92% fee to send remittances. In addition, Japan is experiencing
two potential long-term growth trends with the surge in
cross-border e-commerce and the Filipino diaspora, Ripple claims.
Further data provided by the payments company indicates that the
Philippines sent over $1.8 billion in 2020 alone. Thus, they
project a rise in the demand for cost-efficient, high-frequency,
and cross-border payments. The Representative Director of SBI
Remit, Nobuo Ando 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 (…). The payments solutions
company recently published its Q2 XRP Markets report. Monica Long,
General Manager of RippleX, claimed that this period saw “4 of the
highest volume days for XRP ever recorded” with new liquidity and
other products. At the time of writing, XRP trades at $0,70 with a
23% profit in the daily chart and a 13.1% profit in the past week.
With many more use cases leveraging XRP, the token seems poised to
increase its demand and adoption creating more potential catalyzers
for future appreciation.
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