Cryptocurrency payments company Ripple looks set to expand its remittance service to Asia Pacific (APAC) region with Japan and South Korea being next on the cards.
According to XRP’s On-Demand Liquidity (ODL) tracker, a transaction has been processed on Bithumb with Korean Won being displayed as the source of fiat currency.
The recipient was Japanese exchange Bitbank, who received the funds in Japanese Yen to intensify speculation of potential development in APAC.
On-Demand Liquidity is Ripple’s remittance service that allows users to transact across multiple corridors, with the US-Mexico corridor being reported on by Coin Rivet last week.
In November it was reported that remittance firm RBI Remit had announced the launch of the first-ever blockchain-based money transfer service between Japan and Vietnam.
RBI Remit is section of RBI Ripple Asia, which has been a collaborative project between Ripple Labs and SBI Holdings since May 2016.
$KRW $JPY #ODL #XRP #XRPCommunity @sentosumosaba @saketova_JPN @hmatejx pic.twitter.com/f2FnPxr9c3
— Utility-Scan.com (@UtilityScan) June 30, 2020
Speaking at the time, SBI representative Yoshitaka Kitao said: “The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”
Ripple’s ability to make inroads into a variety of global territories is commendable, but it unfortunately hasn’t benefited the company’s token, XRP.
As noted in Coin Rivet’s daily technical analysis, XRP remains stagnant beneath the $0.20 mark as investors grow more and more frustrated with the firm’s over-the-counter token sales.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.