A+19% price jump marks Ripple’s XRP cryptocurrency, with the company announcing ODL in crypto-friendly Japan.
US blockchain company Ripple has announced a new partnership with Japan’s largest money transfer provider SBI Remit, mobile payment service Coins.ph, and digital asset exchange platform SBI VC Trade to convert remittance payments from Japan to the Philippines.
As the company said, this is Ripples’ first On-Demand-Liquidity (ODL) application in Japan, XRP increased by 19% and is currently trading around $0.70.
According to the company’s announcement, “the Philippines is the third-largest remittance destination from Japan, with Japan (10.50%) having the highest remittance charges in the world, almost twice the average of all G8 countries (5.92%)”.
However, Ripple’s latest partnership will allow for cheaper options by taking advantage of XRP and eliminating pre-financing.
This is Ripple’s first on-demand liquidity services (ODL) application in Japan and lays the groundwork for increasing the adoption of crypto services in the region.