California-based startup Ripple has launched a payment corridor between Japan and Philippines based on its On-Demand Liquidity (ODL) product. Information about this is shared by the company.
Ripple team launched a payment gate in partnership with a major Japanese remittance provider SBI Remit Co., Ltd. Philippine mobile wallet developer Coins.ph has also joined the initiative.
SBI Remit and Ripple have already collaborated to form a gate for money transfers based on startup tools between Japan and Thailand.
Recall that SBI Remit is part of the SBI Holdings group – one of the largest investors in the California startup.
ODL allows cross-border payments based on Ripple cryptocurrency – XRP. To do this, the sender converts the currency into a token, which the system sends to the specified details. The addressee receives XRP. Cryptocurrency, if necessary, he can exchange for the fiat of interest. This approach made it possible to speed up transfers and make them cheaper.
Against the backdrop of the publication of the press release, XRP rate skyrocket.
As of the end of July 2021, Ripple team continues to fight SEC. The regulator accuses the startup of illegally selling securities in the form of XRP. At the moment, Ripple’s defenders are trying to get the court to declare the SEC claims insolvent.
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