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SBI crypto exchange to use Ripple’s XRP as its official digital currency

SBI Holdings has announced that its digital asset exchange SBI Virtual Currencies (SBI VC) will use XRP cryptocurrency as the only digital asset. The exchange launched on January 30. It provides exchanges for both institutional and individual digital asset buyers in Japan.

The exchange will also use the xRapid ecosystem to facilitate cross-border payments between Japan and the rest of the world. Ripple will in turn use SBI VC’s APIs to enable transfer of money. However into and out of Japan by payment providers and bank using xRapid. Thus they will be able to convert XRP to JPY and JPY to XRP instantly through the exchange.

The partnership will help achieve an “Internet of Value” where money can move freely like information, according to Ripple’s senior vice president of business development, Patrick Griffin.

Also Read: Japan’s SBI Group Introduces Eight Crypto Businesses

he said,

“Today’s decision to make XRP the primary digital asset of SBI Virtual Currencies shows the utility, efficiency, and scalability respected financial institutions around the world see in XRP. This is a critical step forward in our mission to build XRP liquidity and build an Internet of Value”.

The company disclosed reasons for its preference of the cryptocurrency last year.

Mr. Kitao said,

“Not only does it have a clear use case, but XRP is also faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies”.

It is not clear how the new partnership will help in increasing value for XRP. The price value has shot in the recent past following announcements of partnerships with MoneyGram. Amazon also announced they would start accepting XRP this year.

Read Next: Ripple sold $91.6 million worth of XRP in Q4 2017

Recent announcements also indicate that the cryptocurrency had a prosperous 2017. Especially in the last quarter, selling 91.6 million worth of XRP as the price increased by 887 percent in the one quarter.

 

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David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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