Ripple Inks New Tie-Up with Vietnam, Japan Financial Firms
LONDON, United Kingdom – Cryptocurrency exchange Ripple has been forging significant deals lately with major international financial firms.
According to Rppl.info, an Internet portal delivering insights regarding the San Francisco, California-based company’s collaborations, as well as RippleNet implementations, plenty of huge financial institutions now employ the products of Ripple.
Several of these monetary establishments are committee members of RippleNet, as well.
The official brochure of RippleNet promotes the benefits of employing Ripple’s official digital asset, the XRP, on money transfer activities.
It highlights the fact that the virtual currency eliminates pre-funding in international accounts. Furthermore, the XRP allows the sending of payments 24 hours a day and seven days per week.
With these advantages, Ripple has acquired new partners recently.
SBI Ripple Asia has confirmed that it will be collaborating with SBI Holdings, Incorporated’s SBI Remit, a financial services provider based in Tokyo, Japan, and Vietnam’s Tien Phong Bank, which is also known as TPBank.
The new alliance that Ripple inked will reportedly employ distributed ledger technology to facilitate fast and affordable remittance payment transfers between Vietnam and Japan.
An official press release affirmed the new deal between SBI Ripple Asia, SBI Remit, and Tien Phong Bank, concentrating on launching the first-ever remittance service between the East Asian economic giant and the Southeast Asian nation.
On Twitter, Ripple’s XRP Research Center, which has the handle @XrpCenter, also verified the reports about the first Japan-Vietnam remittance service using #RippleNet via a tweet dated, November 15, 2019.
This message on the popular social media platform quoted the message of SBI Holdings chief executive officer, Yoshitaka Kitao, who owns the Twitter handle, @yoshitaka_kitao.
His tweet, which was posted on a similar date, featured himself saying that they at SBI Holdings will also develop remittance services that include cryptocurrencies in the future.
According to the news posted online by NewsBTC, a website delivering the latest report on Bitcoin, real-time Bitcoin price, technical analysis, up-to-date information, relevant guides, and breaking updates, Kitao acknowledged the benefits of adopting RippleNet.
He said that it would further differentiate SBI Holdings from its rivals. The Japanese company executive also lauded the progressive position of Vietnam’s TPBank towards cutting-edge technology.
Meanwhile, a press release from the Vietnamese financial institution had announced the recently concluded deal at the beginning of this month.
TPBank explained that it had previously implemented a blockchain-based domestic money transfer arrangement.
Moreover, its management relayed that it had its own intentions of making the same services between Vietnam and other nations in Asia employing RippleNet.
In a statement, Nguyen Hung, the chief executive officer of TPBank, cited that their cooperation with SBI Ripple Asia Company on the use of blockchain technology in cross-border funds transfers heralds a watershed moment in developing customer experiences.
He pointed out that this new cooperation also makes global funds transfers through TPBank more rapid, more comfortable, and more secure than ever before.
Meanwhile, the cryptocurrency of Ripple appeared unaffected by these latest positive developments involving the cryptocurrency exchange.
The XRP was treading the downtrend path nearly 2.75 percent in the past 24 hours.
The third-largest digital asset by market capitalization, apparently, has continued to trade in the same manner as the other digital coins in the broader virtual currency market.
Analysts relayed that a possible explanation for this phenomenon is that the utilization of the XRP is an optional feature for RippleNet’s users.
Even though money transfer transactions employ the digital currency of Ripple, there would be an equivalent volume of selling and buying pressure made by the operation, unless the recipient desires to hold the cryptocurrency.
Therefore, the trading price of the XRP would not be genuinely impacted at all by these momentous events, although they are surely auspicious for Ripple.