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XRP to Be Used for Cross-border Transactions between Japan, SEA

SBI Holdings will be utilizing Ripple’s XRP for cross-border transactions between Japan and Southeast Asian countries through SBI Remit, reported Nulltx.

SBI Holdings is a financial services company group based in Tokyo. In a recent report, the group said it is pushing for broader utilization of XRP. 

It even created a dedicated venture called “SBI Ripple Asia”. The cross-border transactions will be done through Ripple’s On-demand Liquidity project, and is expected to use up to 50% of RippleNet’s liquidity in the near future. 

SBI confirmed that the transaction will expand into a mobile money transfer application, which makes use of Ripple’s technology to allow peer-to-peer money transfers. 

Moreover, companies that use this app will be able to pay wages via the app.

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