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.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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