SBI is Integrating Well with XRP but can Multiple Cryptos Work in Harmony?
The end of last year saw most cryptos in a rather precarious situation, most fighting for a baseline price to stabilize too. The new year has found some sort of normalcy but some coins have been better poised than others. For example, Ripple, which has almost gleefully accepted this importunity and rapidly expanded into the banking and international transactions sector. Their new partnerships have continuously been a shining example of how to work in this space. One of their major partners, SBI [Strategic Business Innovator] group has now expanded their crypto program to include R3's Corda technology as well.
Brad Garlinghouses Ripple had formed a joint venture with SBI financial services, a company based in Tokyo, to provide a next generation payment platform using DLT [Distributed ledge Technology] to financial institutions in Asia.
Complementary Coins Supplementing Business
However, a recent conversation with Yoshitaka Kitao, the CEO of SBI, added an interesting angle to the whole set up. Talking about the partnership, he maintains the plans will benefit crypto-currencies. The idea is to expand the base of operations, by increasing a host of financial services with the use of both Ripples XRP and R3s Corda.
Stressing the market advantage Kitao added
“R3 has over 300 partners that will enable this to become very fruitful. Corda is a distributed ledger technology who’s provisional introduction is being supported by us. What’s important is to make sure XRP is practically used by r3 and Ripple.”
With the SWIFT technology getting close to its capacity it is time to focus on cost reduction. This is the main focus for institutions, particularly crypto driven financial ones, are looking at international money transfers and remittances. Expressing confidence in the capability of the two coins to work well in conjunction, the Japanese businessman felt that Corda and XRP had a great affinity, which could translate into them being used together for useful functions. For this SBI has already started to work more closely with regional financial institutions.
If this sort of a hybrid set up is successful, it will be a great boost to the industry as it means a lot more flexibility for businesses and also a lot of opportunities for cryptos.