- In major financial developments between two superpowers of Japan and South Korea, Ripple has linked the two via their remittance service.
- An XRP ODL liquidity tracker has found the new corridor previously unknown.
- The Japanese Yen and South Korean Won exchanged over Bithumb and Bitbank, which suggested that a corridor might be present between the two.
In major financial developments between two superpowers of Japan and South Korea, Ripple has linked the two via their remittance service. An XRP ODL liquidity tracker has found the new corridor previously unknown. The Japanese Yen and South Korean Won exchanged over Bithumb and Bitbank, which suggested that a corridor might be present between the two.
ODL Network and the Asian market
Asia considered as the next big market for On-Demand Liquidity as mentioned by SBI Ripple Asia in the previous week. Limited trial and pilot projects are underway in various Asian countries. The new Asian corridor will save costs and time with the elimination of currency fluctuation between the two countries. The ODL network best suited for cross border payments.
Sending money in Japan is pretty costly and hence ODL would be the perfect solution. The transactions’ volume tripled via the ODL network in Q1 2020. Additionally, Moneygram has inked a deal to smoothen the process with instant cross border payments.
Pre-funding avoided via ODL payments
It is a costly procedure to maintain a balance in foreign accounts for successful payments. Moreover, a lot of time usually taken up for the transfer to take place. The ODL network has considered this aspect and it takes only 3 seconds to make cross border payments. The above feature is prevalent for those who use Ripplenet’s native currency, XRP. It is the most scalable digital asset present in the cryptocurrency market.
Cryptocurrencies in the South Asian market
South Korea boasts of 31% of digital currency investors or gets paid in it. As compared to the American ownership rate of 7.8%, one can make out the viability of digital assets in the sub-continent. However, talks are on to bring in regulation in this decentralized form of payments.
Asian markets considered as major downturn indicators for investors worldwide. The western countries will soon follow suit if the stability in these Asian markets maintained through payment corridors. Thus, The absence of a regulatory framework surrounding cryptocurrencies is their unique feature and selling point as well.