SBI Holdings Expresses XRP Potential to Reduce Credit Risk and Pre-Funding Cos
SBI Holdings expressed its support of XRP by planning to use the coin as a bridge currency for its business model.
SBI Group prides itself on maximizing its corporate value. The Group primarily specializes in the securities business, banking business, and insurance.
Recently, SBI Group deployed its first international money transfer using digital assets. Because of the success during the experimentation phase, SBI announced its plans to maximize XRP to increase its financial results.
More precisely, SBI Group plans to use XRP for international remittances between Japan and the Philippines. The company aims to incorporate SBIVC Trade and SBI Ripple Asia in this endeavor.
Furthermore, SBI Group sees XRP’s ability to reduce credit risk and pre-funding costs.
To continue exploring XRP’s potential, the company established SBI Motor, a car export business that accepts XRP as a legitimate payment method.
Yoshitaka Kitao, CEO of SBI Holdings and a member of the Board of Directors in Ripple, praised the coin for its extremely low fees in the network.
Furthermore, Kitao says that the XRP ledger can potentially tokenize other assets. Since XRP does not incorporate mining, Kitao also sees the coin as the most environmentally friendly than other cryptocurrencies in the industry.
SBI and Ripple created a very strong relationship to the point of supporting Ripple in the SEC lawsuit. SBI also distributes dividends in XRP to the customers and shareholders through VC trade crypto exchange.
This partnership encouraged XRP prices to rally upwards in the coming week.