Altcoin News: SBI Plans to Support Ripple and Speed up XRP Distribution

February 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

As the CEO of the Japanese financial giant, SBI Holdings Yoshitaka Kitao said, the bank plans to support start-up Ripple, increase acceptance of the XRP token and push its course to new heights.

“Under these circumstances, we will promote efforts to expand the practical use of virtual currency like XRP more and more. Also, on the other side, we will provide investment instruments incorporating virtual currency into institutional investors.” the head of the SBI HoldingS said.

Kitao spoke about his belief that it is Ripple and the XRP token that could revolutionize the cryptocurrency industry. He sees great potential in startups and tokens and therefore decided to offer his help in promoting this digital asset.

Note that Ripple solutions for international transfers attracted a significant number of customers and partners. They enable fast, cheap and simple cross-border translations.

“There is basically no value for Bitcoin. The current price of Bitcoin makes it harder and harder to use in practical ways. So I think that XRP will probably become the number one crypto asset. We are aiming to make that happen” said Kitao.

Note that recent testing by JPMorgan’s JPM Coin financial conglomerate may pose a threat to Ripple, as it is designed for similar purposes as the XRP token. Ripple CEO Brad Garlinghouse even criticized JPM Coin last week.

The Second Largest Bank in Oman Will Also Use RippleNet Technology

Bank Dhofar, whose total revenue reached $28.2 million in 2017, announced the launch of RippleNet technology for international transfers to India.

RippleNet is a blockchain-based payment network designed for institutional clients and organizations. The platform is used by more than 200 customers, including Euro Exim Bank, SendFriend, Traspaygo, and others.

Bank Dhofar was the first in the country and one of the first in the region to join RippleNet. This technology will allow the bank to make cross-border transfers using a mobile application in less than two minutes. Citizens of India, living in Oman and not having the status of a resident, will be able to receive funds from their home country, as well as send money to relatives.

Note that at the beginning of the year, the National Bank of Kuwait (NBK) authorized the use of RippleNet technology for online banking.

Author: Marko Vidrih