SBI Holdings is one of the major promoters of Ripple’s technologies. The Japanese bank is backing Ripple and trying to encourage the massive adoption of Ripple’s technology among banks in Japan. One or Ripple’s money transfer apps, MoneyTap, is now being used in some banks in Japan. However, the CEO of SBI Holdings, Yoshitaka Kitao, says he wants every bank in Japan to start using this technology.
Yoshitaka Kitao, President Of SBI Wants Every Bank To Use MoneyTap
Earlier in the month, Yoshitaka Kitao said that SBI’s technology, VCTrade will be debuted in March. When this happens, verified members of the platform will be able to make XRP and other purchases using the Japanese Yen (JPY). VCTrade will give the Japanese market additional liquidity allowing members to perform carry out the large volume for international transactions.
During an interview with a Japanese publication, the CEO said that Ripple’s xRapid technology is becoming more popular. Many firms are joining RippleNet as time passes. This means that Ripple’s technology will eventually become the gold standard for cross-border money transfer. The CEO said that the virtual currency market is tough and requires real demand. However, he said that he believes there is a real demand for XRP.
XRP (XRP) Price Today – XRP / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.80% |
Apart from saying that he wants every bank in Japan to use Ripple’s MoneyTap, Kitao said that his company is working on a platform called S Coin. This would be used for issuing digital currencies. He hopes that by 2025, this platform will be brought to the Osaka Expo.
Kitao also talked about Bitcoin. According to him, the flagship cryptocurrency has no fundamental value. He isn’t the only one with this opinion. Billionaire, Warren Buffett, and some other big names in the financial world share this sentiment. In his words:
“There is basically no value for bitcoin. The fact that Bitcoins 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.”
While he doesn’t believe in Bitcoin, he is confident that XRP will make waves in the financial sector. This isn’t the first time he is making such positive statements about XRP. A while ago, he said that the price of XRP will rise as high as $10 when the SBI VC platform goes live. While it may seem over-ambitious, given that XRP isn’t even up to $1 at this time, anything is possible in the industry.
One thing is sure, Ripple and XRP have a lot of good things going on at the moment. The XRP token was recently listed on Coinbase Pro and there is a possibility that Nasdaq will list XRP’s liquid index as soon as Brave New Coin is done creating it. Nasdaq recently listed indices for Ethereum and Bitcoin provided by BNC. So, there is a high chance that it would also list the upcoming liquid index for XRP.
What do you think? Will SBI Holdings be able to champion the promotion of Ripple’s MoneyTap throughout Japan? Share your thoughts in the comment section.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
