On some positive news surrounding the popular crypto asset known for having a strong remittance network, XRP rose to a five-week high yesterday.
Japan’s SBI Remit, Coins.ph and SBI VC Trade, along with Ripple, have joined forces to process remittances from Japan to the Philippines using Ripple’s on-demand liquidity (ODL) service.
According to the FTX exchange, the sixth most valuable cryptocurrency traded at $0.708596 on a daily volume of $6.5 billion while the market valuation of XRP is $3.2 billion despite a 20% rise for the week. 46,312,443,360 XRP coins are in circulation, while a maximum supply of 100,000,000,000 XRP coins is available.
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Japan marks the first time Ripple has offered its On-Demand Liquidity (ODL) service. With this implementation, crypto-enabled services can be adopted more readily in the region. These two companies can free up capital and accelerate their own payment businesses by leveraging the digital asset XRP to eliminate pre-funding.
SBI Remit Representative Director Nobuo Ando said, “We see tremendous potential in harnessing blockchain technology not only to present a more transparent, flexible, and faster payment solution, but also to unlock trapped capital. “ODL’s launch in Japan is a start for us, and we look forward to expanding our reach, extending beyond real-time payments to other parts of the region beyond the Philippines.”
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The Ripple deal fits into the larger Asia-Pacific (APAC) region’s exponential growth. Ripple is experiencing accelerated growth in Asia Pacific, where eCommerce and mobile populations are expanding, and cryptocurrency regulations are becoming clearer.