Leading Cryptocurrency organization Ripple Inc. with SBI Remit has announced a new project to streamline money transfers between Japan and Thailand. According to the announcement, SBI will aid the transfer of funds from Japan to Thailand via RippleNet Technology. Meanwhile, there will be a space for Thailand-based financial firm, Siam Commercial Bank, to help the innovation in Thailand.
As reported, there are about 47,000 indigents of Thailand living in Japan. So, the innovation will aid them in sending money to Thailand seamlessly through ATMs. The funds will automatically become available for withdrawal in Thailand’s local currency within seconds. Before now, sending money from Japan to Thailand required the service of a special agent. Consequently, these special agents only initiate such transfers through cash.
Furthermore, Asian countries are gradually embracing the innovation of integrating the XRP into their platforms. Thus, building the firm’s popularity in the region while advancing the adoption of blockchain initiative. Ripple Inc. has concentrated its expansion into the region due to the heavy presence of technological mechanisms in the Area. Currently, Asia is one of the fastest growing regions in terms of embracing blockchain. According to research by the firm, before 2025, about 76% of financial organizations will embrace blockchain and cryptocurrency.
How Ripple Inc. Has Pushed It Behind To Focus On Expansion
Meanwhile, despite enjoying a good market atmosphere away from home, Ripple is facing a troublesome atmosphere in the United States. Ripple Inc. It is battling it out with the SEC in a lawsuit after the regulator alleged that the firm acquired money through unregistered assets. In reaction, the organization challenged SEC’s authority to sanction it, claiming that the regulator isn’t in the right position to do that.
Lately, expectations are high on the potential direction of the lawsuit between the SEC and Ripple. Remarkably, cryptocurrency enthusiasts believe that a verdict in favor of Ripple Inc. will stop the SEC’s aggressive posture towards the industry. Also, prominent stakeholders believe that the ruling will help set precedence in defining the role of the SEC towards cryptocurrency.
Nonetheless, the court proceedings haven’t affected Ripple Inc. from focusing on expansion. The latest partnership with the SBI further underlines the firm’s commitment to forging ahead despite the legal tussle.