Japanese monetary firm SBI has teamed up with Ripple on a new Ripple remittance deal.The deal seeks to provide the first on-demand liquidity in the whole of Japan. The two have partnered up before in their co-venture called SBI Ripple Asia.
Ripple has great potential as many investors believe in the cryptocurrency. Its partnership with the Japanese monetary firm SBI had brought the attention of major financial firms and put Ripple on the map.
Ripple has made the historic announcement for the new partnership with SBI. The two have struck a remittance deal to offer the first-ever live liquidity on-demand program in the history of Japan.
The Ripple remittance deal with SBI
The Ripple remittance deal with SBI will focus on the remittances that occur between the nations of Japan and the Phillippines. The two nations have a deep history and this new deal will focus on that history.
Ripple also informed that this new deal has been struck to agitate the expansion of the organization all over Asia. Ripple has targeted the Asia-Pacific region as the basis of its growth and this announcement seems to be a part of the plan.
Setting the stage
It has been said that the Ripple remittance deal is setting the stage for the much wider adoption of Ripple. The lawsuit on Ripple pertaining to its security doesn’t seem to bother Japanese regulators or SBI officials.
Ripple has taken the decision to migrate while SBI executive Yoshitaka Kitao has considered Japan to be an ideal place for the migration of the American firm to Japan as it would facilitate its goal of mass adoption in the Asia-Pacific region.
Ripple has become one of the biggest cryptocurrencies in the crypto industry and this partnership will definitely help the Ripple organization in the long run. While many investors have their doubts due to the Ripple lawsuit, such steps by the organization prove otherwise.