Ripple On-Demand Liquidity Corridor Opens Between Japan and Philippines
It marks a significant step for Ripple looking to cut in a slice of the $1.8 billion in yearly remittances from Japan to the Philippines.
Jul 28, 2021 at 7:01 a.m. UTCUpdated Aug 21, 2021 at 12:17 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/B6CF2OHQGBBWBBFXFAEDYDRLIE.jpg)
Ripple is looking to tap the almost $2 billion a year remittance market between Japan and the Philippines through the use of its on-demand liquidity (ODL) service.
- Japan's money transfer provider SBI Remit is linking arms with Philippines mobile payments service Coins.ph and crypto exchange SBI VC Trade to open up a remittance corridor between the two countries, Ripple announced in a blog post on Wednesday.
- It marks a significant step for Ripple looking to get a cut of the $1.8 billion in yearly remittances from Japan to the Philippines.
- ODL via Ripple’s RippleNet cross-border payment service allows companies to transfer funds from one fiat currency to XRP and from XRP to another currency.
- The move follows on from Ripple's expansion in Asia after acquiring a 40% stake in cross-border payments firm Tranglo in March.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)