By
Tolu Ajiboye
April 23rd, 2024
The head of Japanese SBI Holdings strongly believes that thanks to its use cases XRP will surpass Bitcoin in the nearest future.
Ripple’s technologies are continuing their conquering journey around the world. Now the news has come from Japan where one of the Ripple’s partners, the Japanese financial giant SBI, has introduced a new initiative that is said to boost mass adoption of XRP that is a native cryptocurrency for Ripple’s solutions.
XRP to Surpass BTC
According to the President and Representative Director of SBI Holdings, Yoshitaka Kitao, the year of 2019 is to become an extremely important one for XRP as its market capitalization is likely to exceed the market cap of BTC which has traditionally been the major world’s crypto.
Kitao strongly believes that in the future XRP will be widely adopted at the global level. He added:
“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the [Ripple] market capitalization will easily exceed the market capitalization of Bitcoin (BTC).”
Kitao said that one of the main problems for Bitcoin is that it still doesn’t have its main use case.
Being an active supporter of Ripple, SBI has a lot of joint ventures with Ripple, and SBI has already invested a number of various cryptocurrency projects, including support of Tangem blockchain smart card wallet producer and building of its own crypto exchange.
The official launch of the new crypto exchange VCTRADE operated by SBI Holdings is scheduled for March. However, deposits and withdrawals for Bitcoin, XRP, and Ethereum are already available on the platform.
XRP and R3’s Corda
Kitao also noted another reason for the potential success of XRP. In cooperation with the US-based distributed ledger technology company R3, SBI is working on the launch of SBI R3 Japan.
The venture is going to provide licensing and introduction support for R3’s blockchain platform known as Corda. And SBI is planning to use XRP for international remittances on the Corda Settler platform.
Kitao stated:
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”
It’s also worth mentioning that already 50 banks in different countries have taken a decision to use XRP via the Corda Settler platform.
Ripple Expands into the Middle East
But it is not the end of the positive news for the Ripple community. Just recently it has become known that RippleNet is expanding further. Now the company’s xRapid product has been adopted by the Bank of Dhofar, based in the Sultanate of Oman.
The bank has become the first institution in the Sultanate to offer instant and secure funds transfers via its online platform.
“Ripple’s leading blockchain solution for cross-border payments, including its bi-directional messaging and instant settlement features, enables Bank of Dhofar to save customers’ time when sending payments overseas, using Bank Dhofar mobile banking app,” the bank’s announcement stated.
Now Ripple has over 200 partnership with financial institutions including central banks and is actively working on a further expansion of its network.
*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.