Development comes as part of SBI's ongoing partnership with Ripple and signifies considerable surge in transaction volume on XRP Ledger from Asia
Strengthening its longstanding relationship with Ripple, SBI VC Trade's President, Tomohiko Kondo, has disclosed the company's enhanced strategy for Ripple's On-Demand Liquidity (ODL) service.
SBI, one of Ripple's oldest partners, aims to bolster the real-time transmission of XRP, Ripple's native cryptocurrency.
During a recent webinar, Kondo unveiled a slide indicating a considerable influx of transaction volume to XRP Ledger from Asia, aligning with Ripple's overarching goal of expediting cost-effective international remittances.
Blockchain analyst Yassin Mobarak commented that the slide "indicates a huge amount of transaction volume will be coming to XRP Ledger from Asia.
ODL is a service offered by Ripple for payment providers and financial institutions. It uses the digital asset XRP as a bridge currency to enable the transfer of money across borders quickly and efficiently.
Japan's crypto landscape
In the meantime, Ripple's Emi Yoshikawa spotlighted Japan's robust support for crypto, underscored by prominent government officials' keynotes at the recent Web3 conference.
During the WebX Asia conference, an influential event in the global crypto arena, Prime Minister Kishida expressed his government's heightened backing for Web3 technologies.
This commitment was echoed by Minister of Economy, Trade, and Industry Nishimura, pledging a renewed commitment to an industry-friendly blockchain environment.
Emphasizing the overlooked dynamism of the Japanese crypto landscape, Yoshikawa tweeted, "So much going on in Japan and much more to come in the coming years."