In an effort to enhance domestic and international remittances, leading Japanese financial giant SBI has unveiled its plans for utilizing Ripple’s On-Demand Liquidity (ODL) product in Japan.
SBI VC Trade, the crypto asset exchange business of SBI Group, recently shared its future developments aimed at leveraging XRP for ODL-based remittances in both Japan and the Philippines.
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Advancements Revealed during Zoom Webinar
SBI VC Trade made the exciting announcement during a Zoom webinar held on July 28. The webinar featured speeches from Emi Yoshikawa, Ripple’s Vice President of Strategy & Operations, and Tomohiko Kondo, the Representative Director and President of SBI VC Trade.
The primary objective of the webinar was to discuss the recent court ruling in the Ripple case and provide valuable information on utilizing XRP effectively. Moreover, the discussion encompassed upcoming prospects for XRP and Ripple’s ODL solution, in addition to initiatives introduced by SBI Group.
SBI VC Trade’s Role in the ODL Remittance Process
According to a slide shared by Tomohiko Kondo on Twitter after the webinar, SBI VC Trade plays a crucial role in facilitating the transmission of XRP. As Ripple’s exchange partner for ODL in Japan, the company is responsible for processing XRP transactions.
To carry out domestic or international remittances, Japanese customers utilize local payment companies such as SBI Remit (a subsidiary of SBI Group) and Asian Net. These companies work in collaboration with SBI VC Trade by transferring funds in Japanese yen to the multi-tenant system for ODL established by SBI VC Trade. Subsequently, SBI VC Trade converts the assets from yen to XRP on the XRP Ledger and then reconverts them to the recipient’s local currency.
For recipients located in the Philippines, SBI VC Trade converts XRP to the Philippine peso, partnering with coins.ph, a crypto exchange based in the Philippines. Through this collaboration, SBI VC Trade ensures a seamless payout process for the recipients.
Read Also: Bank of America Raises Concerns Over Impact of Ripple-SEC Lawsuit Ruling on Crypto Regulations
Strong Partnership between SBI and Ripple
With this latest development, the already strong relationship between SBI Group and Ripple is further solidified. Both entities aim to leverage the potential of XRP, the XRPL (XRP Ledger), and ODL for remittances within Japan. In fact, SBI Africa disclosed plans last June to utilize ODL if Ripple succeeds in the ongoing SEC lawsuit.
Following the favorable court ruling in Ripple’s favor, SBI introduced the Midsummer XRP Festival campaign. This campaign features various initiatives designed to bolster the presence of XRP in Japan. Among these initiatives are an XRP lottery and spot & leverage trading campaigns.
These recent developments by SBI demonstrate the financial giant’s commitment to exploring cutting-edge solutions and expanding the adoption of crypto assets for remittances in both Japan and the Philippines.
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