Ripple has signed a deal with the SBI Holdings. The terms of the agreement will lead to the formation of SBI Ripple Asia. The new platform will be hosting a money transfer service that will also incorporate the Ripple Token which is the XRP.
About The SBI Holdings
SBI is also known as the Strategic Business Innovator and hence the SBI tag. The company markets itself as a comprehensive internet financial internet that is focused on five core services dubbed as the Pentagon. The company is listed in the Osaka Securities Exchange and Tokyo Stock Exchange. Its shares are attractive as its services as a “soft bank” are deemed to be competitive, futuristic, innovative and promising.
The five core businesses of the SBI are; biotechnology, asset management, financial services, etc. The area of expertise gives the new partnership an edge in being the icon money transfer platform. It is a Japanese Firm.
Ripple is a leading blockchain platform that offers money remittance services, currency exchange, and a real-time gross settlement system. Its token, XRP, is the third largest Cryptocurrency in the world at a market cap of $11 billion behind Bitcoin’s $112 billion and Ethereum’s $22 billion. Overall, the XRP price has a steady momentum and has gained by 0.42% in September 17 day of trading. This means that it is less responsive to forces that bring volatility to crypto markets.
Reports show that XRP is very popular in Japan and this has contributed immensely to the growth of the US-based cryptocurrency.
SBI Ripple Asia Will Drive The Adoption Of The XRP
The partnership between Ripple and SBI is an affirmation of the fact that XRP is very popular in the Japanese market. The new SBI Ripple Asia will enable investors of XRP who are mainly residents of Japan to send and receive money on a peer to peer platform. This will be possible as the new platform will provide a link between the bank and the platform to enable users to access their bank accounts directly for their various needs.
Although this is possible on Ripple Blockchain, the new SBI platform will expand the scope by including other cryptocurrencies and fiat monies. The features of instant transfers will be supported by low costs, secure platform, privacy, and efficiency that is needed in a fast-paced world.
The News Is Confirmed
The SBI Ripple Asia CEO, Takashi Okita has assured that there will be a mobile app for the platform to enable users to easily use the service. This app is dubbed as the “Money App” and will be available for Android and iOS smartphone operating systems. The timeline for the release of the app and mass presentation is expected to occur in the course of two months if all goes according to initial plans.
SBI Ripple Asia Will Also Make A Debut In Other Regions
The dominance of XRP and SBI will give the new platform a ready market to expand to Japan. However, the program will be very successful if it manages to attract users from the Pacific, and the rest of the world.