Ripple’s XRP Partners with Japan’s SBI Holdings Virtual Currencies Trading Platform
A recent post made by Ripple [XRP] Chat Member, slinuxuzer made an interesting point that Ripple might be entering the Japanese market. This assumption was made due to a partnership with SBI Holdings, and the launch of its own trading platform suggesting XRP to be the main crypto to be highlighted during the launch.
While slinuxuzer openly stated that his research was led by the curiosity as to why Ripple would target the Japanese market next, the member did their best to provide some reasons as to why.
Slinuxuzer made several points, which revolved around Japan and the Foreign Exchange [Forex] Markets. First, the individual argued that the global Forex trades amount to approximately 5 trillion dollars on a daily basis, which includes versatile aspects including the likes of “spots, forwards, futures, etc.”. In addition, the forex houses several currencies, however the Japanese Yen (JPY) alone accounts for approximately 20 per cent – making it the third most traded currency.
Another important point made as to why Ripple could be interested in Japan and Forex is the fact that there are very little stances where regulation is key in such markets. This being said, slinuxuzer’s post also describes profits earned by Forex brokers as “razor thin”. As for the transaction processes, it appears that the entire process only takes between 1 to 2 days.
SBI (Strategic Business Innovator) Group is a major financial services provider in Japan, with most of the services, namely 80 percent, conducted by the group. CEO of Ripple, Brad Garlinghouse, has previously stated that Japan’s current position on “country payment rails” are not on par. He added that Ripple’s partnership with SBI could better their current situation.
In a released statement, Ripple was described as a “next generation settlements platform”, especially with their ability to increase efficiency through the DLT. Here is a quick look at what has been shared:
“Money transfer services between SBI Remit and the Siam Commercial Bank Public Company Limited […] makes use of the next generation settlements platform (Ripple Solution) from Ripple of the U.S. to provide international remittance services found on distributed ledger technology.”
After having listed the major points, Slinuxuzer summed it all up by expressing his theory as to what Ripple might have in store next. In particular, it was shared that since SBI Group is the leader in Japan deposits, along with their interest in Ripple adoption, it could have been planned out. That is, “Ripple’s plan has been from the beginning to target the Japanese Forex market and partner with a few Forex service providers to optimize the flow of USD/JPY.”
Regardless of the fact that such partnerships are yet to be announced or agreed upon, slinuxuzer believes this could be something that might be part of Ripple’s agenda. From slinuxuzer’s point of view, it appears that Ripple might be in favor of the decreased wait time for settlements, increased profit margins and the possible elimination of “the need to stock currencies”.
What do you think? Is slinuxuzer’s analysis enough to predict what Ripple might do next?
To read the complete post, go to: https://www.xrpchat.com/topic/25102-japan-ftw-forex/