The president of Japanese banking giant SBI Holdings says Ripple and XRP will fundamentally reshape the world of cross-border payments.
In his latest update on the future of SBI Holdings, CEO Yoshitaka Kitao says the digital currency will boost the speed of international remittances at a fraction of the cost, reports Coin Post.
“I became a director of Ripple, which is managing XRP. We will develop the remittance business all over the world thoroughly.
In addition to DLT’s distributed ledger technology, XRP will allow money to be exchanged around the world faster and at lower cost.”
Kitao’s comments come amid mounting criticism from crypto influencers like Max Keiser and Charlie Shrem, who say Facebook’s crypto stablecoin will eliminate the need for XRP.
Facebook is launching their global crypto coin called “Libra”. What’s interesting is they are offering companies to pay $10m to become “validators”. If anything, it renders Ripple useless 😂. The first companies to create a LIBRA/BITCOIN exchange will make a killing!
— Charlie Shrem (@CharlieShrem) June 8, 2019
The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh. This will drive Bitcoin higher, as BTC competes with Gold, not fiat. (Also, crypto ‘payments’ companies likely to wiped out). https://t.co/w38jmtn7RN
— Max Keiser, tweet poet. (@maxkeiser) June 7, 2019
Ripple CTO David Schwartz responded to the claims, saying they show a fundamental lack of understanding of how XRP works and also ignore the digital asset’s advantages over Bitcoin.
“I love opinions about XRP that don’t show any evidence of having any understanding of XRP. This is just bitcoin minimalist thinking that there’s bitcoin and everything else.”