The CEO of SBI Holdings says the Japanese financial giant is working to boost widespread adoption of Ripple’s payment solutions and push XRP to be the world’s biggest cryptocurrency.
In a new interview with the Japanese crypto outlet Coin Post, Yoshitaka Kitao says he believes Ripple and XRP will lead a rebound in the overall crypto markets.
“Practical use for international remittances using distributed ledger technology (DLT), including Ripple’s digital asset, is getting widespread, and already big overseas companies like Santander and other banks are actually beginning to move.
The major money mobility providers are also starting to introduce the use of xRapid, which uses XRP, and the number of companies participating in RippleNet is increasing substantially.”
Ripple currently has a more than 200 companies in its network for cross-border transactions.
According to Kitao, Bitcoin is still searching for a primary use case, giving XRP an opening to become the biggest cryptocurrency by market cap.
“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.”
Kitao points R3’s Corda Settler, which is designed to settle transactions between crypto and traditional assets, as another reason XRP will succeed. R3 recently announced that XRP will be the first digital asset utilized on the platform. R3 is an enterprise blockchain consortium that also has 200 members and partners across multiple industries.
SBI Holdings is an investor in both Ripple and R3, with a vested interest in the success of both companies.
Kitao recently gave a speech on the potential impact he hopes Ripple and R3 can have on international payments and on the future of Swift, the current standard for global payments, which he believes has run out of options.
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"Swift have run out of options, Swift have given up on what they can do internally"
"We have to have a global standard, if you use Corda's settler, with XRP embedded in it, so thats good for Ripple, for Corda r3, its win win, and we (SBI) are the largest share holders of both." pic.twitter.com/TsWBFh3syy
— Dillon (@Dillon) January 31, 2019