Japanese Exchange FXCoin and SBI to Pilot Crypto Remittance Platform
Japanese crypto exchange FXCoin is teaming up with a number of companies including the financial giant and exchange operator SBI to work on a price volatility-resistant cryptoasset remittance solution.
Per Nikkei, the exchange will begin a pilot for its new solution later this month, with the backing of Ripple partner SBI and other unnamed domestic firms.
The platform aims to allow the parties in crypto remittance transactions to calculate prices faster and more effectively to ensure that senders and recipients do not lose out – or end up gaining more than they originally bargained for – in remittance transactions.
The companies claimed that a large number of domestic companies are keen to make use of crypto for remittances and settlements, but are wary of market volatility-related risks when making transactions.
Nikkei stated that the number of Japanese companies and institutional investors who make use of crypto in business and investment transactions would likely increase if FXCoin’s project – or others like it – prove successful.
The SBI business empire comprises a number of crypto-powered remittance arms, including SBI Remit, which allows Thai nationals who live in Japan to carry out cross-border payments, using Ripple’s RippleNet technology.
And last week, Ripple, in turn, announced it would be investing in MoneyTap, the blockchain-powered remittance and payment app it co-launched with SBI back in 2018.
FXCoin was set up by former Deutsche Bank dealers in 2018 and earlier this year stated that it too was set to pilot remittance solutions using RippleNet, Ripple’s payments platform.
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