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Two Japanese companies use Ripple (XRP) technology to make transfers

SBI Remit, a subsidiary of Japanese financial and services conglomerate SBI, and Hamamatsu Iwata Credit Bank, a regional credit union, will soon use Ripple to process remittance services. The service is scheduled to launch on July 12 and will use RippleNet, a proprietary distributed ledger technology with transaction times of two seconds and fees of a few cents.

„Our mission is to provide financial services focused on remittances to foreign residents, and we use Ripple’s distributed ledger technology, which is characterized by fast deposits and low fees“, the companies said in a statement yesterday.

Why Ripple?

The communication pointed to the negative impact (on the economy and financial services) from the ongoing coronavirus pandemic as the main reason for Ripple onboarding.

& # 8222; Immigration restrictions continue to exist due to the recent spread of the new coronavirus infection (COVID-19) worldwide, but the Japanese government is expected to gradually ease immigration restrictions in light of the infection situation“, the statement said:

& # 8222; Therefore, the need for international transfers is expected to increase in the medium to long term.“

It was further pointed out that in Shizuoka Prefecture, where Hamamatsu Iwata Credit Bank is located, the manufacturing industry accounts for one-third of the total production value and employs many foreign workers, many of whom send money back to their home countries

So far, the XRP price could not benefit from this message. The almost entire crypto market is recording a loss this morning. [Anleitung: Ripple mit PayPal kaufen] How this announcement will affect the price in the long term will be seen, but the announcement of additional partnerships, during the SEC’s ongoing lawsuit against Ripple, is at least a positive sign.

Text credit: cryptoslate

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