Japan's SBI Group has partnered with Ripple, but XRP's price remains unchanged
Date: 2023-09-06 Author: Karina Ziganova Categories: CRYPTO PAYMENTS, IN WORLD
Financial firm SBI Group has partnered with Ripple to use XRP to expand its international transfers to bank accounts in Thailand and Indonesia.
In a press statement dated September 6, SBI revealed its plan to use XRP as an intermediary currency between the mentioned countries. In addition, he has entered into a strategic partnership with TRANGLO, a well-known international money transfer firm, to ensure that recipients pay their transferred funds in their local currency.
The firm based its choice of XRP on the token's widespread adoption, highlighting its value in developing global competitiveness in the payment system. Also, XRP was chosen because of its ability to speed up and cost-effective cross-border money transfers.
If you are more comfortable using XRP as an intermediate currency, you will be able to transfer money quickly and at low cost. Also, it is highly scalable and allows users to easily send money to Ripple partners around the world. Based on this, we believe that this can increase the competitiveness in the international money transfer business.
This month, SBI Remit, which has been a member of Ripple Payments for international transfers since 2017, will begin its expansion.
The firm has unveiled payment solutions integrating Japanese and Filipino crypto wallets in 2021. SBI Remit will further increase the acceptance of XRP and make wider adoption among traditional financial institutions due to the fact that this extension will be created.
The value of XRP has been declining.
Despite this, the price of XRP did not react positively to the news of its adoption in Japan, because the digital asset fell almost 1% in the last 24 hours to $0.49716 by the time of publication.
As a result, the digital asset overcame the downtrend in 30 days and almost destroyed all gains after Ripple's partial victory in the case against the US Securities Commission (SEC). This loss can be explained by the prevailing bearish sentiment that dominates the cryptocurrency market.
