- Japan’s banking sector is expected to fully embrace Ripple’s XRP by 2025, as per SBI CEO Yoshitaka Kitao.
- SBI VCTrade, to go live in March, will allow verified members to buy XRP and other tokens using Japanese Yen, enhancing liquidity in the Japanese market.
In an intriguing declaration, Yoshitaka Kitao, CEO of the Strategic Business Innovator Group (SBI) – one of the largest global financial services firms, disclosed an ambitious roadmap for Ripple’s XRP adoption in Japan. As an enthusiast of Ripple technology, he projects that by the 2025 Osaka Expo, every bank in Japan would be utilizing the XRP token.
SBI, headquartered in Tokyo, has been nurturing the growth of XRP and is set to launch SBI VCTrade next month. This groundbreaking venture will let verified members procure XRP tokens and other cryptocurrencies in exchange for Japanese Yen. The introduction of such an offering is anticipated to trigger an upsurge in the Japanese market’s liquidity, paving the way for higher volumes of cross-border transactions among banks.
Kitao voiced his optimism about the widespread utilization of XRP, highlighting the growing adoption of Ripple’s technology, ‘xRapid’, and the expanding pool of companies incorporating RippleNet. The increased liquidity from the activation of VCTrade will facilitate substantial volumes of cross-border transactions within this banking group.
A central focus of this announcement is SBI’s audacious goal of facilitating the usage of the XRP token by Japanese banks for the Osaka Expo in six years. Slated for 3rd May to 3rd November 2025, the Expo’s theme resonates with ‘designing a future society for our lives.’ Amid sub-themes revolving around health and sustainable socioeconomic systems, the event underlines the era of digital evolution.
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Kitao highlighted SBI’s relentless efforts to accelerate XRP adoption among financial institutions. He expressed confidence in the burgeoning real demand for asset utilization in cross-border remittances and settlements, pointing to Santander’s adoption of Ripple’s blockchain-driven xCurrent and RippleNet platforms as an exemplary case.
While heralding the potential of XRP, Kitao dismissed Bitcoin for its perceived lack of inherent value and asserted XRP’s edge in the cryptocurrency world due to its practical utility in facilitating expedient and cost-effective cross-border payments.
In Kitao’s vision, XRP is primed to become the leading crypto asset. The CEO’s bullish stance on XRP, his dismissive remarks about Bitcoin, and SBI’s strategic participation in the R3 consortium and R3’s Corda settlement platform, underscore the group’s commitment to shaping a new chapter in Japan’s fintech landscape.
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