Ripple Announces New Payment Corridor in Japan As XRP Rallies 23.5%, More Profits Ahead?

Reynaldo Marquez

4 years ago

3 mins read

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Payment’s solution company Ripple revealed the launch of a new corridor between Japan and the Philippines. This is the company’s first On-Demand Liquidity (ODL), a payment solution leveraging token XRP, in Japan.

The corridor has been launched in collaboration with SBI Remit, one of the country’s most prominent money transfer provided, according to Ripple, and the leading mobile wallet for the Philippines, Coins.ph. The payment solution will connect the wallet with the digital exchange platform SBI VC Trade on RippleNet.

Thus, people from these countries can use this Ripple payment channel to benefit from fast, low-cost, and cross-border money transactions. Consumers in Japan can eliminate the need for pre-funding transactions and cut their costs to send money from this country to the Philippines.

Therefore, consumers and entities in Japan can access a tool to access capital with a fast and low-cost bridge between the countries and potentially drive the expansion of their payments business, Ripple added in a press release. Brad Garlinghouse, CEO at Ripple, celebrated the launch of the new corridor:

Hugely excited about our newest ODL corridor — Japan is one of our largest markets. With regulatory clarity and innovative partners like SBI, the region is ready for a crypto-enabled future.

General Manager of RippleNet at Ripple, Asheesh Birla, called this partnership a major milestone in what is the company’s “largest markets”. Birla added:

We are excited to partner with forward looking companies like SBI that see the value in blockchain technology and to support them in preparing for a crypto-enabled future.

Ripple To Improved Payment Rails Between Philippines and Japan

The payment corridor and the expansion of the cooperation between SBI and Ripple seek to become an alternative in Japan. The country has one of the highest cross-border payment fees, according to data provided by the World Bank, with a 10.5% average cost of sending remittances.

In contrast, it cost citizens in Canada, France, the United States, Italy, and others, around a 5.92% fee to send remittances. In addition, Japan is experiencing two potential long-term growth trends with the surge in cross-border e-commerce and the Filipino diaspora, Ripple claims.

Further data provided by the payments company indicates that the Philippines sent over $1.8 billion in 2020 alone. Thus, they project a rise in the demand for cost-efficient, high-frequency, and cross-border payments. The Representative Director of SBI Remit, Nobuo Ando said:

We see tremendous potential in leveraging blockchain technology to transform not only the way payment transactions are made but in how we manage our business by unlocking trapped capital. The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation (…).

The payments solutions company recently published its Q2 XRP Markets report. Monica Long, General Manager of RippleX, claimed that this period saw “4 of the highest volume days for XRP ever recorded” with new liquidity and other products.

At the time of writing, XRP trades at $0,70 with a 23% profit in the daily chart and a 13.1% profit in the past week. With many more use cases leveraging XRP, the token seems poised to increase its demand and adoption creating more potential catalyzers for future appreciation.

Ripple XRP XRPUSDT — XRP with minor losses in the daily chart. Source: XRPUSDT Tradingview

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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