CoinDesk Analysis Team
CoinDesk
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.
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Japan's money transfer provider SBI Remit is linking arms with Philippines mobile payments service Coins.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.
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It marks a significant step for Ripple looking to get a cut of the $1.8 billion in yearly remittances from Japan to the Philippines.
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ODL via Ripple’s xRapid cross-border payment service allows companies to transfer funds from one fiat currency to XRP (+15.49%) and from XRP to another currency.
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The move follows on from Ripple's expansion in Asia after acquiring a 40% stake in cross-border payments firm Tranglo in March.
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