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Digital Currency Revolution Series: Can Ripple Penetrate Japan? FXcoin Pilots Remittance-Friendly XRP
The Ripple gained the reputation of being popular crypto-candidate among the remittance/banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage. The banks have the existing SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.
For now, the latest news is that ripple (XRP) is associating with a Japanese exchange ‘FXcoin Co Ltd’. The Japanese cryptocurrency exchange is all set to pilot XRP-powered remittance solutions.
FXcoin Co Ltd established its business and has begun accepting applications for opening an account exclusively for physical transactions of crypto assets in May and XRP remittance.
FXcoin is intending for an extensive plans for crypto offerings. On a debut effort of FXcoin, XRP remittance pilot coves both local and international markets and offers users the power of XRP derived remittances.
While Ripple's raised a mammoth $200 million through Series C funding round earlier this month, while the CEO of Ripple, Mr. Brad Garlinghouse, foresees the firm's client base is likely to grow 30-40% and transaction volume to surge over 600% in 2020.
As the data from the World Bank divulge that the international trade involving remittances were valued at $1.93 billion in 2018, wherein, the prospects that is imminent to lure abundant investment inflow from the aspirants and the global remittance is most likely to surge to over $8 billion within next decade or so, ripple appears to be positioned aggressively.