SBI Remit, a Japan-based international remittance service firm that utilizes XRP as a bridge currency for international money transfers, has achieved a major milestone.
Recent reports show that the firm has amassed a cumulative total of 2.5 trillion Yen, worth over $15.6 billion, in international remittances, putting XRP in the spotlight.
Amid the growing adoption of blockchain-based payment gateways, the firm's cumulative remittance volume has reached an impressive level, all thanks to its focus on low-cost, high-speed international transfers.
Users in the region view the firm as one of the more active remittance providers in Asia that is also operating a digital payments infrastructure.
XRP sees strong institutional momentum
It is important to note that SBI Remit has long been associated with the Ripple ecosystem through collaborations associated with Ripple and its enterprise payments network, RippleNet.
SBI Remit's integration with the leading blockchain firm allows it to operate using XRP-powered blockchain payment systems to execute its cross-border transactions.
As such, its recent milestone not only spotlights its rapid growth in global payments operations, but also highlights XRP's growing adoption in institutional payments.
The growing institutional conviction in XRP is clearly evident in its ETF performances seen in recent weeks as the asset has continued to attract significant amounts of fresh capital while other assets bled out severely.
Speculators believe that the growing demand for the XRP-based payment system has further fueled the consistent surge of institutional investments for XRP despite its weak price moves seen recently.
As such, market participants believe that increased adoption of XRP-integrated cross-border liquidity solutions like this could gradually boost demand for XRP and potentially drive its market value upward.
Dan Burgin
