In a recent webinar, SBI VC Trade, the cryptocurrency exchange arm of Japan’s financial giant SBI Group, reportedly unveiled its plans for Ripple’s On-Demand Liquidity (ODL) product in Japan. The company intends to use XRP for cross-border payments.
According to an article by Albert Brown for The Crypto Basic published earlier today, the webinar, held on July 28, 2023, featured Emi Yoshikawa, Ripple’s Vice President of Strategy & Operations, and Tomohiko Kondo, the Representative Director and President of SBI VC Trade. The main focus of the discussion was the recent court ruling in the Ripple case and the potential uses of XRP. The webinar also explored the future opportunities for XRP and Ripple’s ODL solution, as well as initiatives from SBI Group.
Following the webinar, Kondo shared a slide on Twitter that outlined SBI’s plans for using XRP and ODL in Japan. The slide revealed that SBI VC Trade would be responsible for transmitting XRP as Ripple’s exchange partner for ODL in Japan.
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According to the plan, Japanese customers who wish to make domestic remittances or remittances to other countries like the Philippines would use a local payment company, such as SBI Remit or Asian Net, to initiate the transfer. The funds, sent in Japanese yen, would then be transferred to SBI VC Trade through its newly-introduced multi-tenant system for ODL. SBI VC Trade would then convert the yen to XRP on the XRP Ledger and reconvert it from XRP to the recipient’s local currency. For recipients in the Philippines, SBI VC Trade would convert from XRP to the Philippine peso, using coins.ph, a Philippine-based crypto exchange, to facilitate the payout to the recipient.
This development further strengthens the relationship between Ripple and the SBI Group, which have been working together to leverage XRP, the XRPL, and ODL for remittances in Japan. In June 2023, SBI Africa revealed its plans to use ODL if Ripple wins the SEC lawsuit. Following the favorable ruling in the case, SBI launched the Midsummer XRP Festival, a campaign featuring several initiatives to boost XRP’s presence in Japan, including an XRP lottery and spot & leverage trading campaigns.
Featured Image Credit: Photo / illustration by vjkombajn via Pixabay
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- Source: https://www.cryptoglobe.com/latest/2023/07/xrp-japanese-financial-giant-plans-to-use-ripples-xrp-powered-odl-product-for-remittances/
