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The past few days have been a huge deal for the XRP Community. This was after it was announced that the first Bank-backed xRapid-enabled exchange had launched. The SBI VC exchange is going to offer liquidity for the XRP/JPY when banks use xRapid to conduct international settlements.
Twenty-Five Banks Have Already Signed Up
When it launched, it was announced that five banks had already signed up to the MoneyTap Application. This brings the number of banks using the MoneyTap app to 25. According to Yoshitaka Kitao, a board member of Ripple, they want to use xRapid due to the growing MoneyTap app usage to provide international settlements. With the launch of SBI VC, it will make it possible to do that. This is because Japanese banks will have a dependable source of liquidity when it comes to XRP.
However, they are not stopping at 25 banks. They are already in talks with other banks. Today, there are 61 banks, which are part of the SBI Ripple Asia consortium. SBI confirmed that MoneyTap would be availed to all 61 banks in the consortium. This consortium is quite significant since it represents about 80% of all Japanese banking assets. In the future, all Japanese banks may start using the XRP application. Realistically, the remaining 20% will not be competitive if they do not utilize RippleNet.
The SBI VC Had Promised to Launch Exclusively with Ripple
A while back, SBI Holding announced that the SBI VC would exclusively use Ripple as its digital currency upon launch. SBI Holdings is a major financial services company based in Japan. SBI Securities, a subsidiary of SBI Holdings, is the biggest online securities firm in Japan with over 4 million brokerage accounts. This exchange is aimed at offering a reliable and respectable exchange for individual and institutional crypto asset buyers within Japan. The reason they picked XRP is due to its scalability and strong use case combined with the growing demand for XRP in Japan.
Yoshitaka Kitao is a Major Proponent of XRP
Mr. Kitao, the CEO of SBI Holdings is a strong believer in XRP. He believes that it will one day become the global standard for all crypto. SBI VC is now part of the xRapid ecosystem, which is an enterprise-grade ecosystem that helps firms to access liquidity for international settlement between Japan and other nations globally. With this integration, banks in Japan can convert XRP into JPY and JPY to XRP via SBI VC instantly.
xRapid Has Been a GameChanger
xRapid has helped to cut the high cost of access to liquidity by offering banks with a scalable, fast, efficient, and low-cost liquidity option that also improves the customer experience. According to the senior VP of business development at Ripple, this SBI VC partnership is a key to the establishment of an Internet of Value where money moves with ease just like information.