XRP and Ripple will Revolutionize Money Transfers, Says the President of Japan’s SBI

Cryptocurrencies and blockchain technologies have the potential to change the way industries function today.

Since the emergence of Bitcoin many enthusiasts have debated about the possibility of cryptocurrencies to replace the use of traditional money, but the financial sector is not willing to lose the battle without fighting and are already using the power of blockchain to strengthen themselves. But Bitcoin (BTC) is not the technology that will revolutionize the world of finance. For Yoshitaka Kitao, President and CEO of SBI Holdings, Ripple’s tech, and in particular the use of XRP will allow developing a more efficient money transfer system on a global scale.

According to the Japanese outlet Coin Post, Mr Yoshitaka said

“I became an executive at Ripple Inc, the company that manages XRP. We will thoroughly develop the remittance business around the world. To provide not only distributed ledger technology but also a method for exchanging money around the world more quickly and at a lower cost by using virtual currency and cryptographic asset called XRP."

Mr. Kitao was appointed to Ripple’s board of director in April, demonstrating that there is a strong relationship between the San Francisco-based startup and the Japanese giant. XRP has been praised by different financial institutions for the speed and low costs associated with its transactions, however, within the ecosystem, this technology has also been harshly criticized for the “toxicity” of its community and Ripple’s philosophy, which seems to go against what cryptocurrencies stand for

XRP vs The “Traditional” Giants

The emergence of corporate projects such as the stablecoin promoted by JP Morgan and Facebook’s Libra has also generated a strong debate about the future of Ripple. Many think these new players will make Ripple obsolete, or at least make its technology unnecessary. However, Ripple’s CTO, David Schwartz, defends the company, considering that those who think this way simply lack of proper understanding of the technology or issue biased opinions. So far, XRP has had a bearish year, going from 9000 satoshis to just under 5000 sats. Right now, however, T.A seems optimistic for those interested in holding the token for a long run

Article Produced By
Jose Antonio Lanz