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Ripple partner tracks transactions worth $800 billion Yen

  • SBI Remit reports transfers with the Ripple worth 800 billion Yen.
  • The partnership between Ripple and SBI Remit has seen 31% growth since December 2018.

Ripple and its payment services continue to make headway in the remittance industry. Ripple seems to be an alternative that is closer to mainstream adoption. One of its partners, SBI Remit has published a report on the performance of the company’s cooperation with Ripple’s services.

Ripple Corridor in Asia

SBI Remit is a subsidiary of the SBI Group. The company specializes in sending and receiving international remittances. In the report they state that they track transfers worth 800 billion yen worldwide.

The company was founded in 2010 and has concentrated on offering its services in Asia, specifically Japan. In that country the company has seen an increase in the use of its services with Ripple by 31%. SBI users are estimated at 2.73 million in December last year.

SBI’s remittance services make exclusive use of Ripple’s technology. The company said its intention is to extend its partnership with Ripple to use its On Demand Liquidity (ODL) service using Ripple’s native token, XRP.

The SBI Group and SBI Ripple Asia will continue to seek allies and promote Ripple’s services in the Asian region.

Ripple in expansion with more than 500 employees worldwide

The company has seen a significant growth during 2019 in terms of partnership and expansion. In addition to more than 300 partners worldwide, the company has more than 500 contracted employees. However, it is likely to expand in the future.

Ripple’s expansion aims to increase the adoption of cryptocurrencies. This goal is also shared by Wietse Wind, one of Ripple’s partners. Wind proposed a solution so that cryptoprojects can operate in the European Union in compliance with regulations.

The price of the XRP is $ 0.18 USD and has had losses of 9.04% in the last 24 hours. The performance of the XRP price follows the general market sentiment that tends to decline. In addition, XRP is one of the worst performing tokens of the year.

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About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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