Ripple’s On-Demand Liquidity goes live in Japan while SEC lawsuit over XRP goes silent

Rick Steves

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.

Ripple’s XRP losing competitive advantage: BIS and SWIFT going real-time

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.

You might want to read this:

SEC V. RIPPLE: XRP WHALE AND RIVAL JED MCCALEB IS PROBABLY “PRAYING THAT RIPPLE WINS”

SEC V. RIPPLE ANGERS XRP HOLDERS AS RIVAL STELLAR (XLM) MIXED IN “LOVE TRIANGLE”

RIPPLE’S XRP VENTURES INTO TOKENIZATION, SEC GENSLER WARNS OF SECURITY ISSUE: “MAKE NO MISTAKE”

RIPPLE GAINS HIGHER GROUND FOR XRP, SEC PLAGUED WITH TOP-LEVEL INFIGHTING

Read this next

Institutional FX

PrimeXM reports lower volumes for July as summer lull bites

PrimeXM has reported weaker trading volumes for July 2022, in line with other institutional and retail platforms that saw the activity of their clients dropped compared to a month earlier.

Retail FX

FCA warns of ATFX Global Trading / ATFXcoin

In its latest clampdown against the specific type of ‘clone fraud’, the Financial Conduct Authority (FCA) has warned local investors to watch out for a company called ATFX Global Trading / ATFXcoin.

Digital Assets

CME Group to roll out options on Ether futures next month

Derivatives exchange CME Group is set to roll out options on Ether futures on September 12 in a move to bring another level of diversification to cryptocurrency traders.

Industry News, Podcasts

Finance Feeds launches Podcasts: Listen to Ep. #1 feat. Dmitri Galinov of 24 Exchange

The team at Finance Feeds are happy to announce the launch of our Podcast series, available on Spotify and other audio services and hosted by our Editor-in-Chief Nikolai Isayev.

Digital Assets

Madfish launches Yupana.Finance, the first lending protocol on Tezos

Yupana, which aims to provide a similar experience to Aave or Compound, currently supports TEZ, cTEZ, kUSD, tzBTC, uUSD, and uBTC.

Industry News

SEC charges barred broker Anthony J. Mastroianni with $1.2m fraud targeting elderly

Instead of using investor monies to generate income, Mastroianni withdrew over $486,000 of investors’ money from his firm’s bank account and used ill-gotten funds for personal expenses on luxury items, the SEC alleged. 

Digital Assets

Unizen names crypto veteran Michael Healy as chief strategy officer

CeDeFi exchange Unizen has onboarded crypto industry veteran Michael Healy, who originally worked for Wikileaks and built their android application in 2010, as Chief Strategy Officer.

Institutional FX

Sterling Trading Tech adds FX and Crypto to risk and margin system

The Risk-as-a-Service solution provides supports FX spot, forward, and swap trades and positions, in any currency pair, as well as Crypto including crypto priced in any currency.

Interviews, Metaverse Gaming NFT

Exclusive: Wayne Marcel explains FIO Protocol amid fight against fraud on NFT markets

It’s been 12 years since Satoshi Nakamoto released the white paper that introduced Bitcoin to the world.

<