So if you havent seen it allready, from now on Thai Nationals living in Japan can send money home instantly!
Remittances flows between Japan and Thailand are growing each year and is currently at 250 million dollar Annually.
Before, it could take up to 2 days before funds were transferred with a WHOPPING 5-7% fee average!!
SBI Remit and Siam Commercial bank tackled this problem by using the power of Ripple's protocol
Why this is big for all crypty i will come to in a minute!
Making it possible to send funds with almost ZERO transfer fees only taking seconds.
Next to making their customers really happy with this, it also generates an estemated 10-15 million per year. Sweet!
SBI Remit is planning to roll this feature out across other key markets such as North America, Europe and Asia.
The reason why this is so big, and not only for Ripple but for all of cryptocurrency, is that it is tackling one problem crypto has. And that is real- and established world practical application and integration.
This is showing the power of cryptocurrency and trust me, more will follow!
If you could choose between a bank that can transfer your funds anywhere within seconds, or a bank that takes up to 2 business days, not making it possible sending funds after 16:00, not being to be able to send funds from friday 16:30 untill 08:00 on monday. What would you choose?!
With this possible, is seems like the established world is stuck in the Paleolithic! Are you kidding me!?
We are living in some exciting times and i am really and truly looking forward to the future of crypto!
Let me know what your thoughts are !