For those who are wondering if this SBI is the State Bank of India, well it’s not. The SBI we are talking about here is the Strategic Business Innovator Group in Tokyo. XRP has recently partnered up with them to provide on-demand liquidity in Japan. As XRP and SBI partner up, even the price of the currency has increased after a long time. Such future plans could change the downtrend for XRP, and it can finally reach its full potential.
XRP and SBI partners up to provide liquidity service
Ripple has announced their first on-demand liquidity service in Japan. The company that Ripple partnered up with is also a shareholder and investor in their company. They have launched Japan’s first crypto service for international remittance. And since SBI is one of the largest money transfer companies in Japan it has been big news for the token. The shareholder of Ripple has already using Ripplenet for 4 years but now other companies in Japan can use it too.
XRP said that Japan charges a lot of fees for cross border payments. This is why it is a great business opportunity for them. In 2020 alone the entire remittance sent from Japan to the Philippines was $1.8 billion. And if they reduce this transaction cost it will incentivize people to use the service.
This has also put XRP in the limelight again as it saw double-digit gains in a day. Ahhh! finally, some good news for the token after it kept dropping due to the lawsuit that’s been going on. XRP has a lot of potentials, only if the lawsuit gets over and things just get neutral for the currency it will rise very fast.
How does crypto remittance work?
Strategic Business Investor or SBI explained how the entire process of crypto remittance works. When they get a request to send money somewhere they send XRP to coins.ph in real-time. After that, the token is converted to the local currency of the place (in this case pesos) and the money is paid. Being one of the largest money transfers in Japan SBI is going to transfer a lot of money through XRP. The token’s usage and trading are going to surge drastically in the coming times. After this, they will also be launching other services and will make this the beginning of the financial innovation the companies are bringing.
What are your thoughts on the liquid service that XRP will provide as it partners up with SBI? And do you think that this will change the downtrend for the token? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.