Ripple (XRP) to be used extensively by SBI, a Japanese financial giant


Ripple and XRP have made headlines in recent months. From a breakthrough to another, Ripple has consolidated itself in the financial sector. During the SBI briefing, the company's managing director, Yoshitaka Kitano, stated that they intend to use XRP to promote what defines the R3 project. In his words:

"We are doing projects to create the R3 project that would require a more extensive use of the XRP token".

Price XRP (XRP) today – XRP / USD

The SBI Group is among the largest financial institutions in Japan. The company operates in three core businesses in biotechnology, asset management and financial services. SBI has taken a leading role in the development of XRP-based products throughout Asia since the creation of SBI Ripple.

About R3

The SBI Group hosted a $ 107 million loan round in May 2017 for R3CEV. R3CEV is the largest blockchain consortium the world has ever known. It has raised hundreds of millions of dollars that have been used to develop blockchain networks for businesses. Since then, the SBI Group has been working on creating the R3 that would be used for a variety of blockchain-based systems for large conglomerates. In April, SBI Bank LLC, one of the leading banks in Russia managed by SBI Group, joined the R3 blockchain consortium in cooperation with hundreds of financial institutions. SBI announced:

"We consider blockchains as fundamental aspects of FinTech innovation and we are working on different measures within and outside of Japan We believe we will be able to contribute to the development of blockchain on a global scale through this effort. ".

SBI has yet to release the details of this XRP integration to the public. However, analysts believe that the bank could work on something that will be used for cross-border transactions and would encourage other banks to use XRP.

Ripple intends to conquer the financial world

Not long ago, Brad Garlinghouse, CEO of Ripple, during an interview with CNBC, spoke about Ripple's vision. He said the company intends to attract the largest banks in the use of its blockchain network. In his words:

"The process has been incredible for us, we are registering about one bank every week, and the largest bank in Kuwait has joined us, and if we continue to gather momentum at this rate, the network will soon become global. the network will be more precious ".

This new project with SBI will help XRP achieve the goal of being integrated into the traditional financial sector and eventually take over.

XRP Price Analysis (XRP)

At the time of writing, XRP was trading at $ 0.455755. This shows that it is up 1.14% against the USD and 1.14% compared to Bitcoin. The 24-hour trading volume is $ 368.523.815 and the market capitalization is $ 18.323.865.475. While the SBI project did not cause any significant price increases, things like this eventually have a knock-on effect on the ecosystem. It may not be obvious now because of the bearish storm on the market, but it will strengthen the ecosystem.

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