Mr Yoshitaka Kitao, Representative Director and CEO of SBI Holdings, Japan’s leading financial services group and blockchain supporter at the Japan Blockchain Conference said that XRP had all the potential to become “Global Standard” of the crypto world.
SBI Holdings believes in Ripple dominance
Mr Yoshitaka Kitao who was the guest speaker was all in favour of XRP and also said that “use of XRP can create a more efficient world” at Japan Blockchain Conference which is Japan’s largest blockchain conferences. The conference had an attendance of almost 10,000 visitors and over 100 companies from around the globe when he made this statement.
SBI holdings have partnered and invested in Ripple since 2016 and, together with XRP, is betting big that blockchain technology will become a fundamental force in the global banking system. According to SBI holdings, Ripplenet has a clear use case, it is faster, cheaper and more scalable than any other digital asset, something that today’s global banking industry needs.
Under its Joint Venture with Ripple called SBI Ripple Asia, it launched a consortium of 61 banks, including the top in Japan to use Ripple for both domestic and cross-border payments.
Ripple- A key partner to major banks
Ripple has paid a key role in the success that innovative financial service companies such as SBI Holdings are having as a result of implementing Ripple’s technology. Not Just SBI holdings it has found support from major banks in the world. In Nov 2017, Ripple had announced that Axis Bank (based in India), Standard Chartered (Singapore), and RAKBANK (United Arab Emirates) will be using RippleNet to send live, fast, frictionless cross-border payments.
In 2018, Kotak Mahindra Bank tied up with Ripple for Inward Remittances. this does not stop here as its clientele includes MUFG, BBVA, SEB, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com, representing some of the world’s largest banks, innovative smaller banks and payment service providers (PSPs).
Ripple CEO Brad Garlinghouse has been quoted saying
“The world’s largest banks have been the first to adopt Ripple’s technology, and the network effect from our customer base is accelerating,”.
“People know Ripple is the only blockchain solution for payments that is proven in the real world, and it’s driving demand from financial institutions of all kinds and sizes because they want to stay ahead of the curve.”
With the way Ripple has been growing its hold in the financial world, Mr Yoshitaka Kitao prediction for XRP seems a near reality. With the way XRP use is spreading it look irreplaceable by any other cryptocurrency which clearly will give it a status of “Global Standard.”
Do you think Ripple will actually change the way banks function today? Do let us know your views on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.