Following Ripple’s efforts to form an alliance with Japanese business giant SBI Group in late 2017, it was announced that SBI’s financial division, SBI Holdings, will launch Ripple (XRP) as the exclusive fiat trading pair in its recently launched cryptocurrency exchange – dubbed as SBI Virtual Currencies (SBI VC).
It is a groundbreaking move on the part of SBI Holdings since almost all exchanges have Bitcoin paired with fiat as their first exclusive trading pair. Therefore, this revolutionary decision does not only mark a significant first step for Ripple but for the overall cryptocurrency industry as well.
It will not just be a trading pair
Elaborating on the collaboration, it was described by Ripple that SBI VC will not just hold XRP/JPY as its first trading pair, but that the exchange is also going to actively join Ripple’s global payments ecosystem called xRapid, which facilitates international payment transfers using XRP and Ripple’s enterprise solutions.
It was explained by the company that through this system, SBI VC will facilitate “payment providers and banks who are transferring money into and out of Japan” by allowing them rapid transfers between JPY to XRP and vice versa. By implementing this practice, SBI VC will look towards benefitting from xRapid’s high liquidity and timely transfer solutions in international payments, especially in new and emerging markets.
By utilizing Ripple’s solutions as both a traditional cryptocurrency and a payment transfer facilitator, SBI VC aims to make the most out of what Ripple has to offer.
It is a redefining step
Patrick Griffin, Senior Vice President of Business Development at Ripple, stated that the decisions taken by SBI VC point out just how beneficial Ripple’s solutions are to world-class organizations.
“Today’s decision to make XRP the primary digital asset of SBI Virtual Currencies shows the utility, efficiency, and scalability respected financial institutions around the world see in XRP.”
He further mentioned that this is not just a sole move towards establishing Ripple’s value as a cryptocurrency but towards establishing its ecosystem and defining its usage within it.
“This is a critical step forward in our mission to build XRP liquidity and build an Internet of Value.”
Yoshitaka Kitao, the CEO and Executive Chairman of SBI Holdings, had shared similar thoughts about Ripple in the past.
“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
It was mentioned by the company that the beta launch of SBI VC group went into effect from January 30th and will involve select customers.