The price of Ripple (XRP) has shed the gains it made from its partial victory against the U.S. Securities and Exchange Commission (SEC).
Japan-based financial services firm SBI Group has partnered with Ripple to expand international payment transfers to bank accounts in the Philippines, Vietnam, and Indonesia.
In a press release dated September 6th, SBI announced plans to use Ripple (XRP) as a bridge currency between the mentioned countries. In addition, the company has formed a strategic partnership with the prominent international fund transfer company TRANGLO to enable recipients to receive the transferred funds in their local currencies.
The company chose this token due to XRP’s scalability and highlighted the potential of this feature to increase competition within the global payment ecosystem. Furthermore, XRP was chosen for its ability to facilitate fast and cost-effective cross-border transfers.
“By using XRP as a bridge currency, you can transfer money at low cost and quickly. Moreover, it has excellent scalability globally, allowing easy money transfers among Ripple’s partners. We believe this will create stronger competition in the international remittance business.”
SBI Remit, which has been using Ripple payments for international transfers since 2017, is gearing up to expand this month.
In 2021, the company introduced crypto payment solutions between Japanese and Filipino crypto wallets. With this expansion, SBI Remit aims to increase the acceptance of XRP, promoting broader adoption among traditional financial institutions.
XRP Price Declines
The adoption news of Ripple (XRP) in Japan did not elicit a positive reaction. According to EgeMoney data, it’s down approximately 1% in the last 24 hours, trading at $0.49716. The digital asset has been in a consistent decline over the past 30 days, almost entirely erasing the gains it made after its partial victory against the SEC. This decline can be attributed to the prevailing bearish trend in the cryptocurrency market.