Tokyo crypto firm is launching a new XRP remittance program

FXcoin, a popular cryptocurrency exchange from Tokyo, is preparing to launch a new program. The new initiative revolves around a remittance pilot that would use XRP.

A new remittance pilot coming to Japan

The exchange, which is fully regulated, already received permission from the Financial Services Agency (FSA). The country's financial watchdog originally allowed it to offer trading services in December 2019. Now, only a few months later, FXcoin revealed that it is accepting new accounts.

FXcoin started accepting accounts on April 23rd. The exchange revealed that it plans to add a number of other cryptocurrencies, alongside Bitcoin. It hinted at numerous changes that will likely start arriving over the following several months. Also, it revealed that it plans to create new products that would bring new utilities to the crypto world.

One such product is one of its first test pilots — a remittance product that would utilize XRP. The product would be domestic and international alike, and it would use Ripple's crypto to power transactions.

Will the exchange use Ripple ODL?

Yasuo Matsuda, the senior strategist at FXcoin, recently commented about the plans. He said that this is only the first in an entire set of crypto-related initiatives that will arrive at the financial world.

He added that “We will proceed with the demonstration experiment of domestic remittance and overseas remittance through XRP, and finally, global cash management, corporate finance, and trade. We would like to expand the range of applications to fields such as finance.”

The exchange was not completely clear whether this means that it will start using Ripple's ODL product. As many may know, Ripple's technology is already utilized by banks and financial institutions around the world. It allows instant cross-border payments that use Ripple products and XRP to carry transactions.

Lastly, the company revealed that it will finally launch Bitcoin trading in May.