Japanese financial giant SBI Holdings and crypto startup FXcoin Ltd. are announcing a new achievement in their XRP pilot program.
In its digital payments experiment, FXcoin is working with the Japanese general trading firm Sumitomo Corporation to settle debts and credits to other Sumitomo Group companies using XRP.
The program has previously had success utilizing Ripple’s native token to conduct future transactions in Japan. However, late in February, FXcoin revealed that it also had success sending XRP overseas to Singapore to settle future transactions, a new milestone for the crypto startup and the Sumitomo Group.
FXcoin notes that the achievement may enable businesses to reduce transaction costs by utilizing crypto assets for overseas payments.
“… the ability to perform future transactions using crypto assets in commercial transactions with overseas business companies will help reduce payment costs, improve payment speed, and diversify payment methods in the activities of business companies that will expand globally in the future.”
Late last year, SBI Holdings and FXcoin also announced they were testing whether XRP could be used as a bridge asset on the foreign exchange (FX) market to reduce the risks of price fluctuations while trading one currency to another.
Ripple and SBI are longtime partners, and SBI invested in the San Francisco-based payments company back in 2016.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Gonin