Ripple and its token XRP are gaining ground in Japan with the announcement that FXcoin is launching a remittance service using the digital token. The announcement was preceded by several achievements made by Ripple in partnership with SBI Holdings, one of Ripple’s principal shareholder.
This time around, FXcoin Co. Ltd, a Japan-based cryptocurrency exchange launched in 2017 and registered by the Financial Services Agency in December 2019, announced April 23rd, a decision to begin accepting applications for account opening purposely to achieve a system that allows physical transactions of cryptocurrency assets. FXcoin says it will launch Bitcoin (BTC) trading service and lace it with XRP trading as well.
This May, FXCoin’s remittance service is expected to go live, however, little is known about when and how the exchange will be inaugurated.
Going by a statement made by FXcoin Senior Strategist, Yasuo Matsuda, on what the exchange is planning ahead, the remittance service when launched will showcase the outstanding capabilities of crypto assets in offering seamless and low-cost money transfer.
“We will proceed with the demonstration experiment of domestic remittance and overseas remittance through XRP, and finally, global cash management, corporate finance, and trade. We would like to expand the range of applications to fields such as finance,“ Yasuo said.
In a recent video by one of XRP’s strong followers, CryptoEri, the detail of the new move by FXcoin was covered.
Ripple continues to gain foothold in Japan and the whole of Asia with the help of SBI Holdings. The firm has launched MoneyTap and quite a number of financial institutions largely made up of big banks are joining the initiative to ease their mode of money transfer from banks to banks and internationally. MoneyTap, during its trial period, offered free remittance services to people.
At the moment, SBI Holdings, the firm overseeing the adoption of MoneyTap, revealed it paid dividends with XRP.