NEW YORK, United States – Although Ripple has been making headlines for the past couple of months due to the case filed by the Securities and Exchange Commission, and it continues to thrive in terms of business. In the United States, many cryptocurrency exchanges delisted XRP as one of the assets following the Securities and Exchange Commission’s lawsuit. It may not look pretty in the US, but Ripple gained popularity offshore following this case.
SBI Africa Co. Ltd’s subsidiary, SBI Motor Japan, welcomed XRP as one of their official partners in payment transactions alongside Bitcoin. This partnership is a first for the XRP to be deployed on a cross-border e-commerce site. Transactions made via Ripple or Bitcoin will go through SBI VC Trade Co. Ltd, which is the SBI Group’s exchange.
Before people can raise any doubts, the SBI Group has already assured the public that they have done the research and added security to make sure they follow the laws regarding anti-money laundering and transactions from possible terrorists through cryptocurrencies.
This move made by the SBI Group followed the growing demand for cryptocurrency transactions, specifically in Africa. There is a demand for crypto transactions in the region because of lacking access to financial access. SBI also reported that outside Africa, almost 2 billion people still don’t have the means to access basic financial services, which caused some shutdowns in some parts of the world, as shown by a survey done by the World Bank in 2017.
In line with the lawsuit against Ripple, this move indicates that whatever case is going on in the United States with the SEC and XRP does not affect Ripple’s potential outside the state. According to Brad Garlinghouse, the CEO of Ripple Labs, he feels positive about these events’ turnout. Whatever the resolution is will determine how the cryptocurrency industry will behave in the future.