Ripple’s On-Demand Liquidity goes live in Japan while SEC lawsuit over XRP goes silent
In the meantime, the SEC v. Ripple lawsuit has had a major development: the deposition of ex-SEC Director of Corporation Finance, William Hinman. The sworn testimony, however, was not a public hearing.
Ripple has announced the blockchain company’s first On-Demand Liquidity (ODL) service implementation in Japan, thus setting the stage to drive more adoption of crypto-enabled services in the Asia Pacific.
By leveraging the digital asset XRP to eliminate pre-funding, the two companies can also free up capital and accelerate the expansion of their own payments businesses.
SBI Remit, the largest money transfer provider in Japan and a subsidiary of Ripple shareholder SBI Holdings, has gone live with Ripple’s ODL as part of a project for remittance payments from Japan to the Philippines.
The firm has teamed up with mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to provide faster, more affordable remittance options for customers.
The partnership addresses the high demand for affordable remittance services for the Filipino diaspora, one of the largest in the world. Many migrants look to send money home to support family members and the flow from Japan to the Philippines has grown to $1.8 billion per year.
Japan (10.50 percent) has one of the highest remittance costs in the world: almost twice as much as the average of all the G8 countries (5.92 percent), said Ripple, who helps remittance services to leverage the digital asset XRP to eliminate pre-funding, thus freeing up capital to accelerate their own expansion.
Nobuo Ando, Representative Director of SBI Remit, 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, beyond real-time payments in just the Philippines, but to other parts of the region as well.”
Ripple and SBI Holdings have established a joint venture, SBI Ripple Asia, to introduce XRP-powered remittance services across the region, having recently launched the product in Cambodia and Vietnam.
In the meantime, the SEC v. Ripple lawsuit has had a major development: the deposition of ex-SEC Director of Corporation Finance, William Hinman.
Despite the public interest being one of the reasons why Judge Sarah Netburn allowed for the sworn testimony of the former high-ranking government official, the deposition was not a public hearing. His statements will likely be used in Ripple’s Motion for Summary Judgment on Fair Notice.
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