Distributed ledger tech provider Ripple has announced the launch of a new On-Demand Liquidity (ODL) payment corridor between Japan and the Philippines.
SBI Remit, the remittance division of Japanese finance group SBI, picked Philippine crypto exchange Coins.ph as its partner.
The ODL product (formerly known as “xRapid”) uses XRP a bridge currency to remove the need for pre-funding by tapping into the cryptocurrency’s liquidity. Thus, it is expected to make remittances more affordable, which is a pressing problem in Japan.
