Today, SBI Remit, a subsidiary of SBI Group that specializes in providing services for international money transfers, made the announcement that it would expand its remittance services that are based on XRP to bank accounts in the Philippines, Vietnam, and Indonesia. These three countries are: Philippines, Vietnam, and Indonesia. The digital asset known as XRP is used by the service in the capacity of a bridge currency to facilitate real-time, low-cost international payments.
SBI is making calculated moves into the cryptocurrency market. Recently, the Japanese financial conglomerate led a $36 million Series A funding round for Zodia Custody, as reported by Blockchain.News, a cryptocurrency custody subsidiary of Standard Chartered. With this investment, SBI Holdings has reportedly become the second-largest shareholder in Zodia Custody.
The Situation
Since 2017, SBI Remit has been able to improve the quality of its international…
