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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.
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.
STORY CONTINUES BELOW
- 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.
Read more: Ripple Acquires 40% Stake in Asia Remittance Payments Firm Tranglo
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
