Search
Search

Japanese Banks Adopt $XRP for International Remittances

0
0

392 Listen to this article In a significant development in the cryptocurrency sector, reports have emerged that a majority of […]

Latest News

Listen to this article

In a significant development in the cryptocurrency sector, reports have emerged that a majority of banks in Japan will commence the utilization of $XRP for remittance services this month. The groundbreaking announcement comes from SBI Holdings, signaling the onset of a new era in cross-border transactions.

SBI Remit Co., responsible for managing remittance services for the SBI Group, confirmed in a release dated September 6 that they would be the pioneers in Japan to harness “XRP as a bridge between two legal currencies.” This initiative will see the company offering “international remittance services using the crypto asset XRP to bank accounts,” marking a monumental shift in their operational methodology.

“By using XRP as a bridge currency, you can transfer money quickly and at low cost. Furthermore, it has excellent scalability, allowing users to easily send money to Ripple’s partners around the world, and we believe this will lead to stronger competitiveness in the international remittance business”, the announcement reads’’.

To initiate this rollout, the service will be made available to bank account holders in the Philippines, Vietnam, and Indonesia. However, these countries are merely the beginning of SBI Remit’s grander vision. The release further elaborates that the company aims to incrementally expand the number of countries benefiting from these remittances. Additionally, they are eyeing the enlargement of their services to accommodate corporate transactions and inbound transactions. This expansion strategy is being designed in collaboration with Ripple and other prominent fintech enterprises.

Read Also:  Bold Prediction: Analyst Foresees XRP Soaring to $352

Contrary to what one might expect, this major revelation hasn’t significantly influenced XRP’s market value. The cryptocurrency continues to hover around the $0.50 mark, showing little fluctuation since the announcement.

This move from SBI Remit and the broader adoption by Japanese banks underscores the growing acceptance and practical application of cryptocurrencies, especially in the realm of international banking and remittance services.

For the current crypto news follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.

You Might Also Like

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase