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SBI Holdings To Use XRP For Remittances Between Japan and South-East Asia

ยท in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

In a recent report released by SBI Holdings, they explain that they will be using the XRP cryptocurrency for international remittance solutions.

The main goal is to use Ripple’s on-demand liquidity services and help clients perform fast and cheap cross-border transactions. 

SBI Holdings To Push For XRP Adoption

The XRP Ledger could see increased usage from SBI Ripple Asia. This joint venture that includes 61 different banks located in Asia and Ripple is expected to use the RippleNet services to make transactions between clients. 

According to the report released by SBI Holdings, they are prepared to use 50% of the Ripple Network. 

The main corridors are expected to be between Japan and Southeast Asia and they will also include the on-demand liquidity service that uses the XRP cryptocurrency. 

It is also worth mentioning that Morningstar Japan has also been trying to increase XRP adoption in the region with an airdrop to specific clients. 

The report reads as follows:

“Expecting on the practicality and asset-value of XRP, the SBI Group companies are considering to gift shareholders XRP through similar schemes (as a shareholder benefit program).”

There are about 15,000 shareholders that are expected to be gifted 30 XRP each. This is close to $8.76 considering XRP is being traded close to $0.292. 

At the same time, SBI VC Trade will be giving away 1,000 JPY in XRP to SBI NEO Mobile Securities customers that decide to create new accounts. This is very similar to the amount Morningstar Japan is expected to give considering this is 31.8 XRP. 

As mentioned before, through the investment alliance they will be using XRP to offer international remittance solutions. 

It is worth pointing out that one of the partners, MoneyGram, is already operating in more than 200 countries and territories. 

UseTheBitcoin reported that MoneyGram wanted to expand the XRP cross-border payments platform

Brad Garlinghouse, the CEO of Ripple, informed that he received a call from MoneyGram’s CEO Alexander Holmes in which he said that they were ‘upset’ because Ripple was not moving fast enough. 

Garlinghouse stated that considering they had a very good experience with the Mexican corridor, they want to expand to other markets. 

XRP can be used to reduce costs for cross-border payments. At the same time, it can also be used to source liquidity between markets that are illiquid.

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