Can Ripple (XRP) Truly Threaten Bitcoin’s Top Market Cap Spot with the Help of SBI Holdings
SBI Holdings is a major financial force in the Japanese and worldwide economy, and they have recently expressed their intention to support Ripple’s goals of widespread adoption through the economy.
Their efforts will include the efforts to make XRP the world’s biggest cryptocurrency, exceeding even Bitcoin by market cap.
Speaking with Coin Post, Yoshitaka Kitao stated that he sees XRP and the Ripple platform being catalysts in the revival of crypto markets. Elaborating, Kitao said,
“Practical use for international remittances using distributed ledger technology (DLT), including Ripple’s digital asset, is getting widespread, and already big overseas companies like Santander and other banks are actually beginning to move. The major money mobility providers are also starting to introduce the use of xRapid, which uses XRP, and the number of companies participating in RippleNet is increasing substantially.”
Right now, there are over 200 companies involved in RippleNet, which is the network for cross-border transactions. Kitao believes that Bitcoin does not have a primary use case, which gives an opening for XRP to surpass it. He said,
“There is basically no value for Bitcoin. The current price of Bitcoin makes it harder and harder to use in practical ways. So, I think that XRP will probably become the number one crypto asset. We are aiming to make that happen.”
The Corda Settler by R3 settles transactions between cryptocurrency and fiat assets, which is another reason that Kitao believes that XRP can succeed. R3 recently made an annoucement that they will be allowing XRP to be used on the platform, which makes it the first crypto asset to do so. Much like Ripple, R3 has over 200 members and partners, though they stretch across multiple industries.
SBI Holdings is a supporter and investor for both Ripple and R3, and Kitao had recently spoken on the influence that both of these platforms could have on the progress of SWIFT.
SWIFT is the present payment system in place for international transactions, but Kitao believes that it is out of options. In a Twitter post, he was quoted as saying,
“We have to have a global standard, if you use Corda's settler, with XRP embedded in it, so that’s good for Ripple, for Corda R3, its win-win, and we (SBI) are the largest shareholders of both.”