For long, Ripple has been the main force behind the increasing popularity of XRP. Now, one of the company’s Asian partners is taking up the role as the main promoter of the same cryptocurrency. SBI Group is a Japan-based financial giant that inked a deal with Ripple months ago.
In a recent report, SBI Group claims that compared to Bitcoin, XRP is far better in terms of utility. The full report covering SBI Holding’s financial results (for the six months ending on September 30, 2019) was published on October 30 and can be found here.
Bitcoin Not Good For Actual Demand
In a video shared on Twitter by Steven Bull from the Diep, an SBI Group representative says that XRP’s utility is better than that of Bitcoin – especially considering Bitcoin’s high value per coin that makes it hard to break down into smaller values.
This makes Bitcoin not a very suitable choice for demand utilization. Bitcoin’s mining cost is also expected to increase due to the upcoming halving period.
Engaging With Entities That Use XRP
Going forth, SBI Group says that its main goal is to engage with other companies that have global potential. To put it more mildly, SBI Group will only deal with entities with upwards of $500 million in market capitalization.
SBI Group has been a partner to MoneyGram since it started, and it has used MoneyGram to facilitate transactions in over 200 countries across the world. The company is now planning to link all its affiliates in South East Asia in a common network that will use Ripple’s xCurrent and xRapid payment solutions.
Once this network goes live, the group will be responsible for about half of Ripple’s network. This will, in turn, greatly benefit XRP both in terms of adoption and exposure.
