Ripple’s XRP has been at the center of news in the last week, majorly because of its viral adoption news. Another information on adoption for the cryptocurrency has just surfaced as the CEO of financial services company and Ripple’s long term partner SBI Holdings (SBI), intends to bring XRP usage to major banks in Japan.
As the SBI plans to launch its VC Trade in March 2019, the company plans to make XRP available for exchange with the Japanese Yen as well as establish a platform that will be used for payments to the Osaka Expo in 2025. The use of XRP by banks in Japan is also arranged to start by 2025 to provide liquidity for such payments.
The SBI has been pro cryptocurrency and also helping to drive mass adoption in the cryptocurrency industry. The company launched the first bank-owned cryptocurrency exchange by the second half of 2018 and is really working to extend Ripple’s reach to other banks within its influence.
Indeed, Ripple has seen significant adoption since 2018 and it continues to expand even today. Just a few days ago, its XRP token got listed on Coinbase Pro, an achievement the company has always wanted but couldn’t get until now. The listing apart from increasing XRP price has also cleared its name as a security, a situation that has generated much debate.
Also, Nasdaq is working on listing XRP’s Liquid Index following the listing of Bitcoin and Ethereum indices. All these are steps that are helping to boost adoption of the payment focused cryptocurrency which many remittance services providers use around the world and more are signing up daily.
It was announced earlier this month that SBI’s VC Trade will go live in March. Already, deposits of BTC, ETH, and XRP has started and more will be added including BCH. patronage is expected from SBI’s customer base of over 23 million and this is expected to give cryptocurrency adoption a big boost.
The company which has been Ripple’s partner since 2016 intends to integrate Ripple’s payment system to enhance cross-border payment. Already, it provides payment services in Asia and the Middle East and is hoping to expand its reach with the launch of its VC Trade. SBI cooperation with Ripple is definitely a big boost for the latter and more is in store for XRP after the VC Trade launch.