On July 27, payments network Ripple standing behind the development of the cryptocurrency XRP revealed cooperation with Japan's leading money transfer operator SBI and its subsidiary SBI VC Trade to carry out currency exchanges from Japan to the Philippines.
Ripple will set an On-Demand Liquidity (ODL) service to realize the goal. This is the network’s primary such service operating in Japan. ODL is a solution that Ripple created in 2018 to make international transfers simpler and without pre-funding. The technology uses XRP to arrange the process.
After the news went public, the native token of the Ripple network, XRP has increased by over 17% reaching its five-week high of over $0.75.XRP is the sixth-largest cryptocurrency with about $32,9 B market cap at the moment.
In April, Ripple announced partnerships with Australian Securities Exchange Novatti and Asian cross-border payments hub Tranglo. Meanwhile, the US SEC vs Ripple case is continuing. The lawsuit started in December 2020, when the regulator accused Ripple Labs and its executives of selling $1.3 B unregistered securities.