SBI CEO: ‘Every Bank In Japan Will Use Ripple’s XRP By 2025’

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by Teuta Franjkovic · 4 min read
SBI CEO: ‘Every Bank In Japan Will Use Ripple’s XRP By 2025’
Photo: Yoshitaka Kitao / Twitter

Ripple‘s XRP token currently bears further uplifting news as SBI, which is a Ripple enthusiast, has planned to have a few banks in Japan and utilize the token by the 2025 Osaka Expo.

The Strategic Business Innovator Group (SBI) is one of the biggest financial services firm in the world. The Groups companies and businesses are typically held at SBI Holdings. Based in Tokyo, Japan, the CEO of the company, Yoshitaka Kitao has recently said earlier in February that SBI VCTrade will go live next month in March. This would mean that verified members will be able to purchase the XRP token as well as other tokens with the Japanese Yen.

The movement is expected to increase the liquidity in the Japanese market enabling bigger cross-border transaction volumes within the group of banks.

At the time, Kitao prospected on the utility of XRP saying:

“…the use of “xRapid” using XRP is getting widespread, and the number of companies participating in ripple nets is increasing substantially. Therefore, in such a meaning, it seems that the use of Ripple ‘s technology will gradually become used in the form of using “XRP” in the international money transfer field. Virtual currency is tough unless there is “real demand”, but we believe firm “real demand” will come out from now on.”

As the order books go live, the Japanese market will have some additional liquidity that will allow for large volumes of cross-border transactions by this group of banks. The VCTrade platform has been anticipated for some time.

Just in Time For the Osaka Expo

One of the more interesting things to take away from the announcement is that SBI’s goal is to have Japanese banks use the XRP token in just six years time for the Osaka Expo.

For those who don’t know, the next World Expo, will take place in Osaka on 3rd May 2025 – 3rd November 2025. The theme of the expo is “design future society for our lives” with subthemes such as “How to Lead a Healthy Life in a Diverse Manner” and “Sustainable Socioeconomic Systems.”

In his interview with Coin Post, Kitao underscored that the protracted crypto market slump is not to be thought of as an end to the industry, and that SBI has been working intensively to foster the adoption of XRP among financial institutions.

He affirmed that the real demand for the asset’s use in cross-border remittances and settlement is already underway and will continue to burgeon— pointing to Santander’s use of Ripple’s blockchain-powered xCurrent and RippleNet platforms for international payments as an exemplary, high-profile case.

“There is Basically No Value For Bitcoin”

Aside from predicting that XRP’s still-fledgling market capitalization would eventually grow to be a global standard, Kitao also made positive remarks in relation to enterprise blockchain consortium R3, of which SBI is a member, as well as reportedly being the largest outside shareholder, as well as the R3 Corda settlement platform.

Kitao has been quoted as saying he believes that because the fundamental value of Bitcoin is zero, it falls by 80% from the peak. He said:

“This is rare in the stock market and others. It has been said from the long ago that the rule of the rice exchange rate, even if it fells, it is said that it will almost stop at “half price eight odd discounts,” but it continued to fall without stopping. After all, it is because there is no fundamental value.

There is basically no value for Bitcoin. The fact that Bi coins are going to be used more and more in practical use is not easy when it comes to that price. So I think that ‘XRP’ in the crypto world is probably the number one crypto asset.”

One of the more exciting points Kitao made is that he thinks Bitcoin is “still searching for a use case, whereas XRP already has utility as a tool for making faster and cheaper cross border payments.”

*To learn more about XRP coin, Ripple company, and their innovative solutions, please check out our awesome guide.

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