Japanese Banks Adopt $XRP for International Remittances

Japanese Banks Adopt $XRP for International Remittances

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.

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.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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