Ripple Rises and Partners with Japanese Financial Giant
Lately Ripple wasn’t performing as good as some other cryptocurrencies on the market. Ethereum even briefly replaced it on the 2nd position of market cap rating. People expected it to get flattened out by Ethereum any moment. They were eating popcorn watching the company’s native token XRP sinking. However, as it turns out, Ripple had an edge all the time, and now it’s in the game.
Yesterday, Ripple and Japan-based SBI Holdings, Inc. announced establishment of SBI Ripple Asia, a company set for distrubution of Ripple’s enterprise solutions across South Asian countries, including Japan, China, Taiwan, South Korea, and ASEAN countries. The solutions in question are intended for international bank transactions within the region.
Exciting news from Ripple: a joint venture with SBI Holdings to sell and install our enterprise solutions in Asia! pic.twitter.com/6BlJ3Mlr78
— Ripple (@Ripple) January 29, 2016
According to the press release, Yoshitaka Kitao, president and CEO at SBI Holdings, said:
“Surveying the market, Ripple was the only company that has delivered battle-tested enterprise solutions and global bank customer traction, including commercial deals with top banks already signed in Asia Pacific. Distributed financial technology is undoubtedly transforming financial infrastructure and we’re excited to drive its adoption throughout Asia.”
SBI Holdings is known for participating in successful joint ventures with renowned financial services providers, including including E-LOAN, E*TRADE, MorningStar, and Sumitomo Mitsui Trust Bank. It is also a stakeholder in ten financial institutions of ASEAN countries. This might provide an expanded clientele for Ripple financial solutions.
Ripple co-founder and CEO Chris Larsen said:
“SBI’s deep expertise and relationships across banking, capital markets, insurance and payments will help aggressively scale Ripple in some of the fastest-growing financial markets in the world. Interbank payments establish the foundation of the Internet of Value. SBI is the perfect partner to help forge that foundation and then extend Ripple’s capabilities to new use cases in the future.”
SBI Holdings and Ripple have also agreed to explore working together to list XRP, Ripple’s native digital asset, through its online brokerage properties, including the largest online trading platform in Japan.
Importantly, the companies intend to list Ripple’s XRP in various local major trading platforms.
Following the news, XRP exchange rate has increased by 8.4% in a single day.