- As blockchain projects seek wider adoption, Ripple plans to extend its operations, eyeing a chunk of the financial market.
- The price of Ripple has suffered as a result of the ongoing lawsuit instigated by the SEC, which has thus far prevented the company from going public.
- Ripple’s ODL (On-Demand Liquidity Corridor) between Japan and the Philippines has been launched, with Ripple’s gaze set on a quota of $1.8 billion in remittance to the Philippines.
- Ripple aims to build on the 40% stake acquired in Asian remittance company Tranglo, to cement its position in the continent.
Ripple has had a rough year due to its lingering case with the SEC, which has dragged on to the detriment of both parties. The price of XRP was expected to soar above the $2 mark this year, but the company hasn’t been able to go public.
Despite everything, the company has kept its cool, rolling out new projects and making acquisitions to cement its place as the leading blockchain payment provider. Ripple is now looking to further push their services in Asia having recently deployed its On-Demand Liquidity through RippleNet, which allows corporations to convert fiat into XRP and vice-versa.
Ripple Links Japan and the Philippines
Remittance is a huge sector in world finance with billions of dollars flowing around the world. Ripple is aiming to become the largest remittance solution provider.
Ripple will compete with traditional remittance providers and has to be at the top of its game to make it. The remittance market of Japan and the Philippines is worth nearly $2 billion, with many interests already being explored.
SBI Remit, A Japanese payment provider, has entered into a partnership with Coins.ph, a Philippine mobile payment service, and SBI’s VC Trade, a crypto exchange that unlocks a new remittance channel, made possible by Ripple. With more than 5 million citizens abroad, the Philippines annually receives up to $1.8 billion in remittance.
Ripple’s Interest In Asia
The continent, which features a great deal of industrialized countries with booming trade, has caught the interest of Ripple. FinTech and other related businesses are a lucrative industry in Asia, as it has become a major business hub.
This year, Ripple has made moves in Asia as it looks to strengthen its grip on the continent. In March, Ripple acquired a 40% stake in Asian remittance payment firm, Tranglo with the goal of enhancing its presence in Southeast Asia.
Ripple explained that Southeast Asia is saturated with lots of payments and remittance providers, but the continent lacks a cross-border solution that also integrates payment. Ripple is uniquely placed to do this with its existing technology, and by deploying ODL across several partnerships.
On The Flipside
- Ripple’s elongated case with the SEC will continue to hinder its progress in Asia, as investors will be wary of future developments coming out of America.
- Ripple is rivalled by Stellar and traditional finance payment solutions, which may slow the adoption of its new investments in Asia.
What Could Happen to XRP?
As the native token of the Ripple Network, XRP is the biggest winner from all of this. XRP has been under heat this year amid claims that it was sold as a security, and not a currency by the SEC.
The price of XRP currently stands at $0.73, but would have been a lot higher had everything gone according to plan. Everything was coming up roses for XRP before the SEC scandal.
Following the new developments and advancements in new markets, the price of XRP is expected to soar over time. XRP’s utility cannot be overstated, and coupled with the plans to go public after the case with the SEC, the future looks bright once more.