Ripple might be stuck in a legal battle with the United States Securities and Exchange Commission [SEC], but that doesn’t mean progress is slowing down. The firm announced the launch of RippleNet’s first live On-Demand Liquidity [ODL] service implementation in Japan, in collaboration with SBI Remit Co., Ltd. and Coin.ph.
The largest money transfer provider in Japan, SBI Remit has been a part of Ripple’s blockchain solutions for a long time now. This partnership will see SBI Remit connect with the crypto exchange in the Philippines, Coins.ph, and digital asset exchange platform SBI VC Trade on RippleNet. The trio together will process cross-border payments from Japan to the Philippines.
As per Nobuo Ando, Representative Director of SBI Remit,
“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.”
The APAC region was witnessing tremendous growth and opportunities for crypto businesses due to the changing crypto regulations. Although countries like China were not pro-crypto, there were others like Japan and Singapore who were accommodating of the technological developments taking place especially in the field of finance. Ripple has been able to take advantage of this growing region as it has noted transactions grow by 130% year-over-year.
Meanwhile, other ODL corridors established by Ripple were noting liquidity fall, especially in the XRP/AUD market.
The liquidity in the XRP/PHP corridor has also reduced.