Connect with us


Ripple’s partnership helps Japanese banking giant SBI cross 500 Billion Yen in overseas remittance

Anvita M V



Ripple's partnership helps Japanese banking giant SBI cross 500 Billion Yen in overseas remittance
Source: Unsplash

On 5th September, Japan’s Strategic Business Investor group, also commonly known as “SBI Holdings” issued a press release stating that their cumulative remittance handling overseas has overshot 500 billion Yen. The company has given credit to its remittance partner Ripple for its profits.

SBI stated in the release:

“Remittance using Ripple’s distributed ledger technology, which began with The Siam Commercial Bank Public Company Limited, a major commercial bank in Thailand in June 2017, is extremely superior in terms of cost-effective speed and economy The use of customers has increased remarkably.”

SBI extended its services in late December 2010 as a mission to cater their services to its foreign residents while predicting the increase in foreign residents in the country due to globalization at the time. Statistics reveal that, at present, the number of foreign residents residing in Japan has recorded a high of 2.66 million, the company stated.

In the wake of the Japanese government accepting foreign workers in the country, the number will shoot up more, the company believes. They also revealed that it now houses about 450,000 members in its financial services, out of which, 90% are foreign nationals.

Assessing the origins of the people, the institution has identified that most of the banks’ remittance comes from other parts of Asia, including the Philippines, China, Vietnam, and Nepal. Most recently, people from Indonesia, Myanmar, and Cambodia have tied up with SBI to avail its overseas remittance services.

The company entered into crypto space in June through its very own SBI Virtual Currencies platform. The exchange also aired XRP tokens at the launch event. The platform was officially launched by its President and CEO Yoshitaka Kitao. Since then, the company has furthered its partnership with Ripple.

Yoshitaka Kitao stated:

“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”

Regarding its future with Ripple, SBI stated:

“In the future, we plan to further expand the remittance channel using Ripple’s platform.”

The company concluded its statement by saying that it will continue to develop remittance services for its customers keeping in mind convenience and needs of customers in all seriousness and also incorporating new financial technology.

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.


Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool




Ripple's XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
Source: Pixabay

Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.

An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.

The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.

Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”

Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.

To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.

The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,

“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”

Subscribe to AMBCrypto’s Newsletter

Continue Reading