SBI Execs Believe Ripple’s XRP Will Transform How Money Moves, Despite Facebook’s New GlobalCoin
- SBI Holdings supports Ripple and its expansion in the cryptoasset market.
- Some analysts suggest Ripple could be damaged by Facebook’s GlobalCoin.
Ripple and XRP Receive Support From Large Companies
According to a recent report, the president of the Japanese banking company SBI Holdings believes that both Ripple and XRP are going to change how cross-border payment work. At the same time, the CEO of SBI Holdings, Yoshitaka Kitao, said that the third largest crypto is going to boost international payments, improve their speed and reduce costs.
Kitao explained that Ripple manages XRP and that they want to develop the remittance business all over the world. Moreover, he mentioned that XRP will allow money to be exchanged around the world faster and at a lower cost.
During the last few weeks, there have been several individuals commenting about new initiatives in the crypto market that could harm Ripple in the future. One of them is related to Facebook’s GlobalCoin that is expected to be launched in the near future.
Will XRP Becomes Useless After Facebook Launches GlobalCoin
The $FB global stable coin… FaceCoin obviates need for hundreds of alt-cons including XRP. The alt-coin apocalypse is nigh. This will drive Bitcoin higher, as BTC competes with Gold, not fiat. (Also, crypto ‘payments’ companies likely to wiped out). https://t.co/w38jmtn7RN
— Max Keiser, tweet poet. (@maxkeiser) June 7, 2019
The CTO of Ripple, David Schwartz, decided to answer these comments back saying that there are several individuals that do not know about XRP and they do not understand how it works. He was specifically talking about Mr. Kaiser when he said that GlobalCoin “will annihilate Ripple.”
At the time of writing this article, XRP is the third largest digital currency in the market. It has a price of $0.399 and a market capitalization of $16.8 billion.
I love opinions about XRP that don't show any evidence of having any understanding of XRP. This is just bitcoin minimalist thinking that there's bitcoin and everything else.
— David Schwartz (@JoelKatz) June 7, 2019