SBI VC Trade, the crypto division of Japan’s foremost financial institution, SBI Group, has announced that it will start using Ripple’s On-Demand Liquidity (ODL) solution in Japan. The company’s innovative strategy will see it utilizing the power of XRP to provide efficient cross-border payment solutions.
Leveraging Ripple’s ODL In Japan
In a recent video conference featuring Ripple’s Vice President of Strategy and Operations, Emi Yoshikawa, and President of SBI VC Trade, Tomohiko Kondo, the two parties discussed the recent court ruling involving Ripple and the US Securities and Exchange Commission (SEC). The representatives from SBI VC Trade also disclosed plans to explore XRP’s potential use cases in Japan when the company implements Ripple’s On-Demand Liquidity (ODL) solution.
After the meeting, Kondo tweeted crucial info about SBI’s vision for harnessing the power of XRP and ODL within Japan’s finance ecosystem. The Twitter thread also confirmed SBI VC Trade as a Ripple partner entrusted with utilizing XRP when facilitating ODL transactions nationwide.
Kondo also disclosed that the alliance was a significant step towards ensuring seamless cross-border transactions and revolutionizing how cryptocurrencies are used in Japan.
What The Partnership Entails
As part of the partnership, Japanese customers can efficiently execute domestic or international remittances to several destinations, such as the Philippines. Users could initiate transactions through reputable local payment firms such as SBI Remit or the Asian Net.
Once the transfer request is created, the funds in Japanese yen will be converted to the corresponding currency through SBI VC Trade’s multi-tenant system, specifically redesigned to accommodate the ODL technology. The Japanese yen could also be seamlessly converted into XRP on the highly reliable XRP Ledger within the secure SBI VC Trade advanced platform.
This conversion paves the way for increased efficiency and decreased transactional complexity. Once the conversion is completed, the intending recipient will receive the XRP. The SBI VC Trade platform could also convert the XRP back into the recipient’s local currency smoothly and hassle-free.
Furthermore, SBI VC Trade would facilitate currency conversion for residents in the enchanting Philippines. For this purpose, SBI VC Trade has enlisted the assistance of coins.ph, a renowned crypto exchange in the Philippines. Thus, the XRP token will be converted to the Philippine peso.
This significant advancement demonstrates Ripple and the SBI Group’s unwavering commitment to harnessing the transformative potential of XRP, ODL, and XRPL to revolutionize remittances within the Japanese financial landscape. Last month, SBI Africa also revealed its plans to integrate ODL into its operations.
The firm’s decision was based on the prospect of a successful outcome in the SEC lawsuit against Ripple Labs. With the favorable ruling in the lawsuit eventually favoring Ripple, there was excitement in the crypto ecosystem due to the significance of the court’s decision on the broader industry.
These latest events reaffirm Ripple and SBI’s commitment to pushing the boundaries of technological innovation and reshaping how remittances are conducted in Japan and beyond.
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