- Ripple’s XRP expansion in Asia gets another boost as SBI Holdings targets all Japan-based banks to use XRP by 2025 Osaka Expo.
- The banking giant has already come up with a consortium of banks expected to boost adoption of XRP in the region.
Ripple has been in the headlines following the news that Coinbase exchange is listing it as a tradable asset. The incredible support comes after a long struggle to have it supported on the United States-based exchange.
The good news for Ripple has been taken a notch higher with the announcement by the CEO of SBI Japan that XRP needs to be used in all the banks in the country by 2025. Earlier this month, SBI Holdings President and Representative Director Yoshitaka Kitao said that the SBI VCTtrade will be launched in March 2019. This means that the verified members will be able to purchase XRP with the local currency, the Japanese yen (JPY).
The movement is expected to increase the liquidity in the Japanese market enabling bigger cross-border transaction volumes within the group of banks. At the time, Kitao prospected on the utility of XRP saying:
“”¦the use of “xRapid” using XRP is getting widespread, and the number of companies participating in ripple nets is increasing substantially. Therefore, in such a meaning, it seems that the use of Ripple ‘s technology will gradually become used in the form of using “XRP” in the international money transfer field. Virtual currency is tough unless there is “real demand”, but we believe firm “real demand” will come out from now on.”
SBI Holdings is targeting that all banks in Japan to have integrated XRP before the 2025 Osaka Expo. The banking giant has already come up with a consortium of banks expected to boost the adoption of XRP. The President believes that XRP is better than Bitcoin in terms of fundamental value. His opinion concurs with that of Warren Buffet who once said that:
“Here is basically no value for bitcoin. The fact that bit coins are going to be used more and more in practical use is not easy if it comes to that price. So I think that ‘XRP’ in the virtual currency is probably the number one crypto asset.”
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