RippleNet Partner SBI Remit Reveals Cumulative Remittances Has Exceeded $7.3 Billion


SBI Remit Inc., which officially functions as the Ripple Partner made headlines on 16th December after announcing that its aggregate transmittals had bypassed the ¥800 billion mark. The transmittals department of SBI also made the same announcement through a blog post.

In the post, it noted that since SBI was launched 9 years ago, its overall user base has risen from 650,000 users to close to 2.73 million. This reflects the number of users on the platform by the end of last year. The increase in its customer numbers has, in turn, helped to drive the organization’s remittance market.

RippleNet and SBI Partnership

SBI had entered into a partnership agreement with RippleNet that would see the former make use of the cross-border money transmission services as well as the DLT provided by its partners. By using the services provided by RippleNet, SBI would now be better placed to narrow the divide between Vietnam and Japan.

As of 4th November 2019, Tien Phong Commercial Joint Stock Bank and SBI were in a tie. The partnership also served as a first for Ripple as its technology was used to infiltrate a new nation-state. Nguyen Hung, the TP Bank CEO at the time stated that:

“SBI AND TPBANK ARE WORKING TOGETHER TO TRY AND APPLY THE BLOCKCHAIN PLATFORM TO UNIVERSAL TRANSACTIONS.”

“WITH ITS DECENTRALIZED, TRANSPARENT, AND FLEXIBLE NATURE, BLOCKCHAIN WAS BETTER PLACED TO HELP IN ENHANCING TRANSACTION NETWORKS.”

Ripple and SBI had begun a combined undertaking that they referred to as ‘SBI Ripple Asia’ that they hoped would assist them to strengthen their new partnership. The undertaking was intended to see the two companies start to offer a payment platform to money transfer companies supported by the Distributed Ledger Technology.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide