According to Yoshitaka Kitao, Ripple (XRP) has the capability to become the global standard of the cryptocurrency sector. Yoshitaka is currently the director of SBI Holdings, the most significant financial institution in Japan. He is also an ardent supporter of blockchain technology.
SBI Holdings Is Bullish On XRP’s Future
As a guest speaker at the Japan Blockchain Conference, Kitao was bullish about the future of XRP. He told the massive audience (over 10,000 delegates) that the adoption of XRP will substantially increase the efficiency of daily transactions. Presently, SBI holdings have an ongoing partnership with Ripple which was initiated two years ago. SBI firmly believes that distributed ledger technology will soon become invaluable to the banking sector. In this regard, the Ripplenet solution has proven to be useful to financial institutions, mostly because it is swift, affordable and scalable than other digital assets. To date, the SBI Ripple Asia consortium has influenced over 60 banks to adopt XRP in their transactions.
Ripple’s Widespread Dominance In The Banking Sector
Beside SBI Holdings, Ripple has also forged partnerships with other banking institutions across the world. Most of these clients leverage the Ripplenet solution due to its inherent features that facilitate the streamlining of both local and international payments. Last year, Ripple declared that it was working with Singapore’s Standard Chartered, UAE’s RAKBANK and India’s Axis Bank.
This year, the Kotak Mahindra Bank collaborated with Ripple to create an Inward Remittance solution. Other prominent clients of Ripple form the banking sector include BBVA, YES BANK, Cambridge Global Payments, SEB, and much more. Notably, Ripple’s customers include both established and upcoming banks, as well as payment service providers.
According to Ripple's CEO, Brad Garlinghouse, their technology is hugely popular among the world's leading banks, and the effect is widespread on a global scale. Brad added that Ripple's ability to provide payment solution to real-life applications was the reason behind its increasing demand. He concluded by commenting that banks are implementing Ripplenet because it gives them the upper hand over their competitors.
Looking at the increased adoption of Ripple's technology, it seems that Yoshitaka's prediction is not far-fetched. As of now, XRP is on the forefront, and no other digital currency is likely to dethrone it. Therefore, it is highly probable that it will become the ‘global standard’ in the virtual currency sector.