Ripple is excited to announce that Coincheck, one of the leading digital asset exchanges in Japan, has listed XRP. By expanding access to buy, sell and trade XRP, exchanges like Coincheck increase its liquidity, foundational to making it an efficient bridge currency to financial institutions around the world.
Coincheck hosts 2,200 merchants and 40,000 individual users, 90 percent of which are located in Japan. The company, founded in 2014, currently processes $100 million in monthly bitcoin volume.
(L-R) Coincheck Business Development Lead Kagayaki Kawabata, Ripple CEO Chris Larsen, Coincheck CEO Koichiro Wada, Coincheck COO Yusuke Otsuka, Ripple Product Manager Warren Paul Anderson in Tokyo on Oct. 17, 2016.
Adding XRP/JPY as a payment corridor through Coincheck helps increase XRP’s liquidity in the Asia-Pacific region. Financial institutions can choose to use XRP to lower liquidity costs in cross-border payments. By using XRP to service cross-border payments on demand, banks can reduce or eliminate pre-funded, overseas nostro accounts.
Financial institutions can save up to 60 percent in payment processing costs using Ripple’s solution and XRP. This cost-savings frees up capital to take advantage of new revenue opportunities and to access new corridors.
Notably, Coincheck listed XRP just one day after our CEO Chris Larsen and Product Manager Warren Paul Anderson met with their executive team, highlighting the industry’s enthusiasm for XRP and its institutionalization across the globe.
Coincheck’s addition of XRP adds to Ripple’s momentum in Japan. Other recent milestones include the launch of the SBI Ripple Asia consortium of 42 member banks, including Resona Bank and Sumitomo Mitsui Trust Bank, as well as a pilot with Mizuho Financial Group, one of the first Japanese banks to trial blockchain technology for cross-currency settlement.
For institutional purchases of XRP or questions regarding liquidity provision for Ripple payments, please contact us.
Disclaimer: Any person or entity that buys and sells XRP does so at their own risk and such actions are completely the decision of that person or entity. Like any asset, the price of XRP can both rise and fall and anyone buying or trading XRP should understand that the price of XRP will fluctuate.
