Categories: Crypto

SBI Ripple Asia’s new Payment Corridor Won’t use XRP

A lot of news has come out of Ripple and its partners lately. SBI Ripple Asia is preparing to launch a money transfer service between Japan and Vietnam.

In the announcement, it’s mentioned how this new payment corridor will make use of distributed ledger technology.

Another Step Forward for Ripple

Unlike what some people may have expected, this does not include the use of XRP or Ripple’s On-Demand Liquidity at this time.

SBI Ripple Asia will first evaluate the viability of DLT using this payment corridor. If successful, they may implement ODL and XRP at a later stage, albeit no official commitment has been made at this time. 

By combining DLT and real currency, the payment corridor should note much faster and potentially cheaper transactions for both the sender and recipient.

SBI Remit, the company working with SBI Ripple Asia, is a partner of MoneyGram International Inc.

Moreover, they also have close ties to many Asian financial institutions, including partner bank Tien Phong Commercial Joint Stock Bank in Vietnam. 

It does appear this project will leverage the power of RippleNet. That approach will allow for low-cost transfers of funds in real-time. 

Depending on the success of this venture, further remittance services incorporating crypto-assets may be launched in the future.

To this date, it remains unclear between countries those additional services may operate.

This marks another big milestone for SBI Ripple Asia, as well as Ripple itself. 

Banks and other financial institutions continue to show an appetite for what the company brings to the table in the financial sector. 

Image(s): Shutterstock.com

JP Buntinx

Recent Posts

MXC Exchange Surpasses $400 Million in Daily Leveraged Cryptocurrency ETFs Volume

Cryptocurrency exchanges have to come up with new products to maintain a competitive edge. In the case of MXC Exchange,…

3 days ago

OpenDao Takes DeFi One Step Further by Introducing Top-Notch Stocks in a Tokenized Format

Earlier this year, DeFi exploded to the unseen heights. From a humble beginning at the start of this year, it…

4 days ago

DGTX Liquidity Spikes on Uniswap with DGTX Rewards Program

22/11/2020, Providence, Seychelles - Digitex Ltd, a commission-free crypto futures exchange, has announced a large spike in liquidity on its…

4 days ago

Crypto Freelance Jobs and Trading: Exploring LaborX and TimeX

There are many different platforms in the cryptocurrency space that seem to go by unnoticed. Whether it is for trading…

6 days ago

1xBit Introduces New Casino Slot Tournament MAGNIFICENT SEVEN

19th November 2020, Limassol, Cyprus - Introducing MAGNIFICENT SEVEN, the latest 1xBit Casino slot tournament that whisks players away to…

1 week ago

Introducing MoonDeFi, a New Part of Decentralized Finance

16th November 2020 - Centralized exchanges have been the backbone of the cryptocurrency market for years. They offer fast settlement…

2 weeks ago

Nulltx.com uses cookies to ensure the best experience for you.