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SBI Ripple Asia will cover 50% of the entire Ripple network

  • SBI Ripple Asia reiterated in a meeting held yesterday in Fukuoka City that it intends to take up to 50% of the transaction volume of the entire Ripple network.
  • This step will be implemented as soon as the technological infrastructure for ODL (On-Demand Liquidity) is in place to send money transfers from Japan to other banks in Southeast Asia.

SBI Remit and the Ripple Consortium already have a close partnership. SBI has been using Ripple’s technical infrastructure (the old xCurrent) for quite some time. The network’s new architecture allows SBI Remit to process real-time transfers from Japan to many banks, especially within Southeast Asia. Yesterday, the last meeting took place in Fukuoka City, Japan, where SBI Ripple Asia reaffirmed the implementation.

Southeast Asian banks will use Ripple’s ODL

All affiliated banks are currently still using RippleNet to process transactions. After successful technical implementation of On-Demand Liquidity, all partner banks of SBI Remit and SBI Ripple Asia will migrate to the new Ripple system.

The SBI Remit payment platform is already working with MoneyGram to implement transfers to over 200 countries and up to 350,000 locations worldwide. MoneyGram has been an active partner of Ripple since June of this year, processing transactions via ODL. The subsidiary SBI Ripple Asia stressed again yesterday at the meeting that it aims to occupy about 50 percent of the entire Ripple network:

For transfers from Japan to banks in Southeast Asia in which the SBI Group invests, a system with xCurrent (in future xRapid) is being developed in cooperation with SBI Remit, SBI Ripple Asia and several banks in Southeast Asia.

SBI Ripple Asia covers almost 50% of the entire Ripple network once the connection is activated.

The payment corridor from Japan to Vietnam in cooperation with TPBank was already activated on 15 November 2019. Here, 42% of the transaction volume is processed via RippleNet.

The report also states that RippleNet transactions are significantly faster than those of SWIFT. Ripple can execute wire transfers within seconds, while SWIFT can process 40% of its transactions within 5 minutes, 50% within 30 minutes and 75% within 6 hours. The connection to MoneyGram is free and set up within a short time. There are no extra costs for implementation.

Xpring developer platform is live

Ripple’s venture capital company, Xpring, had already announced in October the development of a platform specifically for applications based on the XRP Ledger. Yesterday Xpring announced that the website is now available for download at https://xpring.io/ Ethan Beard, Senior Vice President at Xpring, explains (freely translated):

That will be the central hub for developers to manage everything they need when it comes to integrating payments into their apps.

According to the company, the platform’s Software Development Kit (SDK) provides numerous opportunities for developers from any industry to leverage XRP to optimize their business processes. This is designed to increase the adoption of XRP and confidence in Ripple.

A wallet is already available in XRP Testnet to generate, manage, receive and send XRP account information. Beard further describes that further functions will follow in the near future and that Xpring will implement ideas from the community. The SDK now supports the programming languages Python and Go, as well as Java and JavaScript.

Another innovation is that developers will have access to the stable version 1.4.0 of the XRP ledger, which supports account deletion and allows users to restore, manage and send 15 XRP of the minimum account balance. So far, 20 XRP have been trapped in the wallet. This amount was previously required to activate the wallet.

The price of XRP has been showing a slight downward trend within the last 24 hours (- 0.72%) and is at 0.2218 USD at the time of writing.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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