Bitcoin
$62,533.42-3.81%
Ethereum
$3,035.85-3.28%
Binance Coin
$542.71-4.62%
Solana
$132.63-10.67%
XRP
$0.48478360-2.97%
Toncoin
$6.39-9.63%
Dogecoin
$0.15360897-3.55%
Cardano
$0.45294452-2.40%
Avalanche
$34.49-4.36%
Shiba Inu
$0.00002128-4.65%
Tron
$0.11022324-2.94%
Wrapped Bitcoin
$61,433.98-6.09%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
04
DAYS
14
HR
41
MIN
39
SEC
Markets

Ripple On-Demand Liquidity Corridor Opens Between Japan and Philippines

It marks a significant step for Ripple looking to cut in a slice of the $1.8 billion in yearly remittances from Japan to the Philippines.

By Sebastian Sinclair
AccessTimeIconJul 28, 2021 at 7:01 a.m. UTC
Updated Sep 14, 2021 at 1:32 p.m. UTC
shutterstock_1010604754

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 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.
  • 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.
  • ODL via Ripple’s RippleNet cross-border payment service allows companies to transfer funds from one fiat 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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.