Ripple has announced the launch of RippleNet’s very first On-Demand Liquidity [ODL] service implementation in Japan. The leading blockchain company is all set to offer the service in collaboration with Japan’s largest money transfer provider SBI Remit Co., Ltd, and one of the leading mobile wallet services in the Philippines, Coins.ph.
According to the official press release, with the partnership with Coins.ph and SBI VC Trade, SBI Remit aims to facilitate faster and cost-efficient cross-border payments from Japan to the Philippines via RippleNet.
This development has set the stage for RippleNet customers who can now utilize the digital asset XRP to remove pre-funding and lower operational costs, untapped capital, and driving the expansion of their payments businesses.
Announcing our newest On-Demand Liquidity corridor in (drumroll please…) JAPAN 🇯🇵! https://t.co/xiHXnYjo6z
— Ripple (@Ripple) July 28, 2021
Nobuo Ando, Representative Director of SBI Remit explained about the tremendous potential that blockchain holds and the potential of the technology to revolutionize the way payment transactions are made today but also how firms handle our business by unlocking trapped capital. Ando also went on to add,
“The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation, beyond real-time payments in just the Philippines, but to other parts of the region as well.”
Japan has seen significant growth in terms of foreign workers as well as cross-border e-commerce. These trends are expected to surge even more especially in low-value, high-frequency remittances, claim Ripple. Additionally, the Filipino diaspora accounts as the third-largest in Japan.
As a matter of fact, the remittance flows from Japan to the Philippines sent by overseas Filipino workers stood at nearly $1.8 billion last year. It is also important to note that Japan has one of the highest cross-border payment fees, remitting incurs an average cost of 10.5%, according to WEF. On the other hand, the average cost of sending remittances from G8 countries is almost 6%.
Ripple Popularity in APAC
Over the past couple of years, the community witnessed a crucial evolution in the banking system. With this, there has been an unprecedented rise in terms of demand for real-time, low-cost cross-border payments. To cater to this, Ripple has been forging integration with the traditional banking landscape.
Since 2016, Japan’s SBI happens to be a well-reputed, long-standing partner of the Brad Garlinghouse-led blockchain company. SBI Remit, which is a subsidiary of banking giant SBI, recently disclosed its partnership with a major Japanese bank – Hamamatsu Iwata. The main objective behind this partnership is to develop RippleNet based international remittance platform.
Besides, the latest deal is part of Ripple’s massive growth in the larger Asia-Pacific [APAC] region. The company said that with the flourishing e-commerce clout, rapidly increasing mobile populations as well as rising clarity around crypto regulations, APAC has emerged as one of the fastest-growing regions with transactions growing 130% year-over-year.
XRP Has Great Risk-Reward Ratio, With 10x Price Rise Likely: Macro Guru Raoul Pal
Raoul Pal is saying that global payments asset XRP has a great risk-reward ratio despite a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
In a new interview on Savvy Finance, the CEO of Real Vision and Global Macro Investor shares why he remains bullish on the crypto asset.
“XRP is a great risk-reward. The lawsuit – we’ve seen every lawsuit, every single one has been fine. Everybody’s actually cleared up after the event anyway and these events were a while ago. Bitmex, that’s happening, we’re going to see all of these, so I think it’s going to be a slap on the wrist that it could look like a security, there’ll be no admission of guilt on either side, there’ll be a payment of a fine and then XRP is free to run.”
The former Goldman Sachs executive also identifies factors that will help drive up the price of the coin.
“What’s interesting about XRP is there is quite a lot of use cases. Now, I know the bunch of Bitcoin people hate it– it’s not decentralized enough, I don’t care. Are people using it? Yes, a lot more than most people realize, and what’s amazing about this setup is you can’t buy on any of the exchanges and it’s not in the Bitwise ETF.
“The Bitwise ETF is now a billion of the Bitwise index. The top 10 index is a billion dollars, so the moment XRP is free, they have to buy a few hundred million dollars in it as everybody else can because the exchanges will have it back, so you’re setting up for a hell of a nice run if this clears up.”
Pal says it is still worth betting on XRP despite the possibility of Ripple losing in its legal battle with regulators.
“Worst case it doesn’t? Worst case is, let’s say, 50% downside, best case is 10x from here, so I’ll take a 50 to 1 risk-reward for the next three to six months.”
XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily
Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.
In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).
Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.
“Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.
So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”
Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).
“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…
…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”
In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.
“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”
Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.
“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”
Top Analyst Plots Path Ahead for Cardano and XRP, Says Three Altcoins Are Now Attractive After Dip
Michaël van de Poppe is sharing his updated forecast for two leading altcoins, Cardano (ADA) and XRP.
In his new video, the crypto analyst says that Cardano has hit important price levels, breaching the $1.90 to $2.10 range.
Van de Poppe next looks at the token’s Bitcoin pair (ADA/BTC) and says that there is a possibility that Cardano could see new highs.
“I’m expecting that we’re going to have some slight consolidation comparable to the area that we had in April. So some slight consolidation here until we crack resistance, but if we [do], I think we’re going to be running with new all-time highs or new highs for Cardano here as well.”
The trader also identifies a crucial price level for XRP that could indicate a bullish signal for the crypto market.
“I think that if you want to get into the markets then the chances are here that we’re finally getting bottomed out and we are ready for the next impulse wave in the market.
What is the level to crack for XRP? The area around $1.05 is the one that it has to crack through. I’m not assuming that we’re going to get it in one go, but I’m assuming that once it breaks through there, I think all coins will be breaking out left and right. But this is a good candle on XRP.”
The widely-followed analyst notes that the downturn offers a good opportunity to get into the market, naming Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as the three altcoins to buy during the dip.
“Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course.
When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”
The World Comes Together on Cardano Summit 2021 from Sydney to Vancouver
Brad Garlignhouse: SEC Using Their Meetings with Crypto Companies as Lead Generation for Enforcement Actions
Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account
Bitcoin1 week ago
Protesters in El Salvador Set Fire to Bitcoin ATM in Defiance of President Bukele
Dogecoin3 months ago
Elon Musk Shows “Deepest Desire” of Dogecoin Holders
Avalanche (AVAX)3 days ago
Avalanche Price Prediction – Will AVAX Price Hit $100 in 2021?
Bitcoin3 days ago
Bitcoin hodlers are about to spark a run to new BTC price highs, data suggests
Bitcoin3 days ago
Too ‘grande’ to fail — Bitcoin price stumbles at $44K as China plans for Evergrande’s implosion
Cardano13 hours ago
BREAKING: Cardano [ADA] closes deal with Fortune 250 company Dish Network
Dogecoin3 days ago
Elon Musk Says It’s “Super Important” for Dogecoin Fees to Drop
Bitcoin12 hours ago
Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone