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    Japan's SBI Holdings to Use Ripple’s XRP On-Demand Liquidity For International Remittances

    SBI Holdings, one of the biggest banks in Japan, shares its latest performance report and announces how SBI Remit will leverage Ripple's XRP On-Demand Liquidity service to empower remittances from Japan to Asia.

    SBI Holdings, the Japanese banking giant, has recently published its latest report. In the document, the company talks about its strategies and reports its latest plans. One of them is to use Ripple’s XRP tokens for international remittances that will be made between Japan and the Southeast Asian region.

    According to the company’s report, the SBI Remit service will use Ripple’s On-Demand Liquidity services (known before as xRapid). Initially, SBI Remit has used MoneyGram to send money overseas, but some changes will be made. So far, the service has sent out over $7 billion.

    Back in June, a partnership was started with Ripple to send money to Mexico. This is possibly why the partnership has been stronger since then and now the two firms are going to tighten it even more.

    Half of the payments made by SBI Remit will be covered by SBI Ripple Asia, a subsidiary of the company, which was created after the partnership with the crypto company. It is fair to note that SBI is also a “crypto” company right now, as it has recently launched the VCTrade, a cryptocurrency exchange platform based in Japan.

    Right now, SBI is trying to get Japanese banks on board of its initiative. So far, the Suruga Bank and the SBI Sumishin Net Bank are already a part of it.

    In related news, the banking holding institution has recently launched another product called Money Tap, which is set to be a mobile app for money transfers, also powered by Ripple. If the situation continues this way, SBI and Ripple will have a long-standing partnership to offer solutions for Asian clients.

    Ripple (XRP) Live Price

    1 XRP/USD =$0.2204 change ~ -1.95%

    Coin Market Cap

    $9.54 Billion

    24 Hour Volume

    $143.69 Million

    24 Hour VWAP

    $0

    24 Hour Change

    $-0.0043

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    Gabriel Machadohttps://bitcoinexchangeguide.com/
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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