Ripple On-Demand Liquidity Corridor Opens Between Japan and Philippines
28 Jul, 2021•1 min read•Altcoins
Ripple is looking to tap the almost $2 billion a year remittance market between Japan and the Philippines through the use of its on-demand liquidity (ODL) service.
Japan's money transfer provider SBI Remit is linking arms with Philippines mobile payments service Coin.ph and crypto exchange SBI VC Trade to open up a remittance corridor between the two countries, Ripple announced in a blog post on Wednesday. It marks a significant step for Ripple looking to cut a slice of the $1.8 billion in yearly remittances from Japan to the Philippines. ODL via Ripple’s xRapid cross-border payment service allows companies to transfer funds from one currency to XRP and from XRP to another currency. The move follows on from Ripple's expansion in Asia after acquiring a 40% stake in cross-border payments firm Tranglo in March.