The name disclosed to reporters is Japan Digital Asset Trust Preparatory Company (JADAT), however, it is expected to be shortened to Japan digital asset trust.
The decision to add XRP to SBI’s payment options comes as no surprise given that the two companies are on a joint venture to promote the use of XRP in Asia.
The fund will allow the residents of Japan to get their first legitimized exposure to cryptocurrency enabling them to invest in major cryptos.
The availability of the Ripple ODL option in Japan means customers of RippleNet can leverage the digital asset XRP to eliminate pre-funding and reduce operational costs.
SBI’s report also mentioned NFTs as a use case for the art community, pointing out Beeple’s $69 million record-breaking auction sale in March.
The Ripple CEO has decried the lack of proper crypto regulation as the company fights the SEC about the classification of XRP as a security.
SBI is investing a whopping $30 million in the Swiss and Singapore based crypto bank Sygnum.
The founder expects that SBI Holdings will take advantage of the cryptocurrency boom to make the area its key earner.
The US SEC has accused Ripple of selling $1.3 billion worth of XRP as unregistered securities during its 2013 ICO. The Ripple lawyers say that the allegations are completely baseless and XRP is not an “investment contract”.
Some of the anticipated services to be offered through the new partnership between SBI and SIX includes listing, trading, CSD infrastructure, digital assets issuing, and crypto custodian services.