- Ripple has launched its first on-demand liquidity corridor in Japan
- The ODL services play an essential part in terms of the adoption of RippleNet blockchain
- ODL services will be incorporated by SBI Remit Co., the chief strategic partner of Ripple
- Ripple aims to capture the growing remittance market by cooperating and allowing many crypto platforms in the region to implement its ODL services
Ripple is one of the world’s leading financial technology (FinTech) firms. XRP is the firm’s native cryptocurrency, which is currently among the top 10 crypto assets as per CoinMarketCap. Moreover, this week it was revealed that the FinTech company is expanding its widespread on-demand liquidity (ODL) services in the Asia Pacific region. Indeed, the platform has reportedly launched its first ODL corridor in Japan. Notably, the country is also Ripple’s biggest market for remittance business, and its blockchain RippleNet technology is quite popular there.
Why is the ODL corridor important for Ripple?
According to the FinTech firm, the ODL corridor plays a significant part in adopting RippleNet. The service helps enable the user to make cheaper and faster cross-border transactions using the XRP liquidity.
How will the services be incorporated in the country?
In Japan, the first ODL services will be incorporated by SBI Remit Co., the chief strategic partner of Ripple. The incorporation will be done in association with Coins.ph, the mobile payment service provider, along with SBI VC Trade, the digital asset exchange. Ripple hopes that the first ODL implementation in the region will help expand the adoption of blockchain technology.
According to Nobuo Ando, the representative director of SBI Remit Co., there is tremendous potential to leverage blockchain technology to transform transactions and manage their businesses by unlocking trapped capital. Indeed the latest establishment of the ODL is just the beginning. The firm will look forward to continuing the push into the next frontier of financial innovation beyond real-time payments to all parts of the region.
Ripple’s target is $1.8 bn from Filipino
Japan has seen tremendous technological development and became a home to a significant portion of the foreign population. Such foreigners are shifting to this country for work. Notably, one of the significant foreign communities in the nation comes from the Philippines. It is known that the community accounts for the third-largest foreign population in the country.
Every year, these foreigners use traditional foreign exchange and remittance services to send money home. As per an estimate, the community accounts for $1.8 billion in the remittance flow.
Following the scenario, Ripple plans to tap into the market with its newly launched ODL service. Ripple aims to capture the growing remittance market by cooperating and allowing many crypto platforms in the region to implement its ODL services.