An overview about Bitcoins and XRP.
Bitcoins and XRP are types of crypto currency that are ruling the cryptocurrencies market. Both of these rank among the top 10 cryptocurrencies in the world by market capitalization. While Bitcoin was anonymously found using the name Satoshi Nakamoto, XRP is found by Ripple. Both of them are payment settlement systems and currency exchange network that can process transactions globally.
Why are investors around the world placing their bets on cryptocurrencies? Let’s see!
For our understanding, lets consider XRP as the cryptocurrency which is in high demand since a long time. The demand for XRP in global crypto ecosystem is due to various influencing factors. The oldest crypto currency present, good returns, even though it has high price volatility, there has been popular demand for XRP. With year-to-date gains of approximately 280%, XRP has remained one of the best performing assets among the top 10.
Now, we understand that investors are always looking out for options to increase their monetary productivity in the best possible manner.
SBI Japan was no different. How did SBI Japan adopt the method of crypto currencies for payment networks? Let’s find out!
SBI Motor Japan LTD, a subsidiary company of SBI Africa CO. LTD deployed the use of crypto currencies such as Bitcoin and XRP for cross border and e-commerce trade. To carry out the functions of crypto currencies, they have also launched SBI VC Trade Co. LTD, a crypto currency exchange group owned by the SBI Group!
How did the move of SBI Japan help Ripple?
Ripple has been under hot water dealing with lawsuits since 2020 for selling unregistered securities in the form of XRP. But, the CEO of Ripple Mr. Brad Garlinghouse believes that the lawsuit with SEC will result in a positive outcome for the blockchain based global payment firms. The move by SBI Japan does not only help Ripple to gain back the popularity, but also facilitates the payment system prevailing in the developing countries like Africa. People in countries like Africa, lack access to basic financial services. However, SBI believes that over 1.7 billion people lack access to basic financial services across the world.
In Conclusion, I certainly believe that blockchains have all the possible traits to help the people with their basic financial facilities. Basically the use of block chains will facilitate crypto asset remittances even if the banking functions stop and allow the investors remittances with out any hazard.