Ripple To Power Remittances Between Japan And Thailand

The cryptocurrency company Ripple has announced the beginning of a new cooperative effort with SBI Remit to speed up money transactions between Japan and Thailand.

The project would enable Thais living in Japan to instantly transfer money home using RippleNet technology thanks to SBI Remit, the leading payment service in Japan. The Thai side in this endeavor will be represented by Siam Commercial Bank.

In one second, yen will be accessible for withdrawal in Thai baht in Thailand thanks to the implementation, which will enable more than 47,000 Thais living in Japan to transmit money freely using ATMs. Prior to this, a special agent was needed to complete the transaction, which was primarily made with cash.

Ripple is welcome in Asia, unlike some

While Ripple is being fully utilized by Asian nations and businesses, who are integrating XRP into their operations, in the United States, the company is facing significant regulatory pressure from the Securities and Exchange Commission.

However, it appears like XRP chose to commit $100,000,000 to this and place everything in the hands of attorneys after discovering the rules of this “battle” in order to focus all of its resources and attention on its primary business.

According to Ripple’s most recent study, 76% of financial institutions worldwide would employ blockchain technology and cryptocurrencies by 2025, and the business obviously wants a bigger share of that market. From this vantage point, Ripple’s entry into Asia, where technology has helped the continent experience one of the highest rates of economic growth ever, is significant.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News