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SBI Holdings Continues Expanding Cryptocurrency Network with SBI Remit

Jamie West by Jamie West
November 5, 2019
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Long-time Ripple partner, SBI Holdings, recently announced that they would be using Ripple’s XRP to facilitate remittances from Japan to Southeast Asia. SBI Holdings is a banking giant that is involved in cryptocurrency.

With the current development, SBI Holdings have expanded its cryptocurrency services. SBI Remit, SBI’s remittance platform will be using xRapid. xRapid is a Ripple XRP-powered technology and is also known as On-Demand Liquidity (ODL).

Through On-Demand Liquidity (ODL), companies can now free up capital that they use as pre-funding for accounts in destination currencies. Through ODL, any member financial institution can enjoy a reliable, instant, and low-cost transaction.

SBI Remit is using MoneyGram’s payment networks. MoneyGram partnered with Ripple June this year. They are also using Ripple’s ODL to transfer dollars to Mexico with XRP as the bridge currency. SBI Ripple Asia is also making use of Ripple’s global payment networks.

In the past month, SBI also launched MoneyTap. It is an app that allows users to send funds with the use of phone numbers and QR Codes. It uses Ripple’s technology and is available on iOS and Android platforms.

Aside from the app, SBI Holdings also recently launched VCTRADE, it’s bank-owned crypto exchange.

In order to further expand its network, SBI is working on getting more Japanese banks. Currently, MoneyTap only works with SBI Sumishin Net Bank and Suruga bank; both are local financial institutions.

SBI is known to be one of the largest banks in cryptocurrency. It has partnered with Ripple in several projects and is continually exploring more possibilities.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: MoneyTapRippleSBI holdingsSBI holdings on CryptoSBI remitVCTRADExRapidXRP
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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