Ripple Launches First On-Demand Liquidity Service in Japan
- SBI Remit has partnered with Coins.ph to facilitate remittance payments from Japan to the Philippines using Ripple.
- Ripple’s ODL service will enable the companies to provide faster and more affordable remittance options.
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According to a press release published on 27 July, Ripple has implemented its first On-Demand Liquidity (ODL) service in Japan. SBI Remit, the largest money transfer provider in Japan, has teamed up with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to facilitate remittance payments from Japan to the Philippines.
The Philippines is the third-largest destination for remittances from Japan, with Ripple estimating that Filipinos send around $1.8 billion in remittances every year. However, Japan is one of the most expensive countries when it comes to remittance costs, whit senders paying almost twice as much as they would pay in all of the G8 countries on average.
By leveraging XRP, which is used on Ripple’s platform, to eliminate pre-funding, SBI Remit and Coins.ph will be able to provide users with faster and more affordable remittance options.
“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,” said Nobuo Ando, Representative Director of SBI Remit.
Ando noted that the company will continue to work on introducing other innovative financial products, and added that it might expand its real-time payments outside of the Philippines as well.
- A federal judge ruled that the sale of XRP through exchanges and algorithms did not qualify as selling securities, which could have a major impact on several SEC lawsuits.
- The institutional sale of the token, however, did violate federal securities laws, and the lawsuit between the SEC and Ripple will have to go to trial.
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- These documents are seen as central in Ripple’s battle against the SEC, which in 2020 accused the company of selling its XRP token without registering it as a security.
- The documents in question are internal emails, text messages, and expert reports that followed Hinman’s 2018 speech, in which he said ETH and BTC were not securities.
- The exchange argues that the SEC failed to provide a “fair notice” that selling XRP was illegal, and that it previously made public statements that those transactions were lawful.
- Coinbase also pointed out that the SEC is yet to provide clear guidance to crypto businesses, and that it keeps being inconsistent about its enforcement approach.