Ripple Makes Another Remittance Deal: Will XRP Soar?

Ripple makes another remittance deal with the SBI Remit and Vietnam’s TPBank to provide remittance payment services between Japan and Vietnam. The latest partnership will enable the near-instant and low-cost payments with the help of the collaboration between Ripple Labs and SBI holdings as we are reading further in the Ripple news today.

The partnership is encouraging for further adoption of the RippleNET and the price of Ripple’s XRP which didn’t move on the news, at least for now. The third-largest digital asset by market capitalization got down by more than 2.75 percent for the past 24 hours. According to the press release, SBI Ripple Asia, SBI Remit and Tien Phong Bank of Vietnam have just launched the first remittance service between Vietnam and Japan with the help of distributed ledger technology. The news comes right after the pair partnering that happened earlier this month.

The latest press release announced that the deal will be made at the start of November and explained that the bank had previously implemented a blockchain-based domestic money transfer system with further plans announced to create similar services between Asian nations and Vietnam with the help of RippleNet. The CEO of TPBank stated:

 “Our cooperation with SBI Ripple Asia Co., on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”

Ripple makes an interesting choice of companies since the representative of SBI Group, Yoshitaka Kitao, praised the progressive stance towards the latest technology but also added that SBI Ripple Asia is now aiming to provide crypto remittance services in the near future:

 “The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporate crypto-assets in the future.”

Despite the great development, XRP continued to trade along with the wider crypto market and the investors have not rushed to purchase XRP on the news. This could be explained by the fact that the news was announced last week and they could not even affect the price of XRP. The use of the digital asset is an optional feature for the users and when the transfers do use it, there will be an equal volume of purchasing and selling pressure created by the transaction.