- SBI Holdings considers XRP a bridge currency that reduces credit risk and pre-funding costs, enhancing competitiveness.
- Proponents revealed that SBI Holdings is working on building a system that allows XRP to buy vehicles.
- Analysts predict a 324% rally forXRP price based on Ripple’s latest partnerships and proceedings in SEC vs. Ripple case.
SBI Holdings of Japan shares financial results for the first half of 2021. The financial services company group plans to use XRP as a bridge currency for its plans.
Ripple’s enhanced utility value is expected to help drive up XRP price, with some technical analysts forecasting a target at $27.
Ripple is at the centre of SBI Holding’s plans for the second half of 2021
SBI Remit deployed Japan’s first international money transfer service using digital assets. The firm announced plans to further boost the utility of XRP in its financial results for the first half of 2021.
SBI uses XRP for international remittances from Japan to the Philippines in collaboration with SBI VC Trade and SBI Ripple Asia. Using the altcoin as a bridge currency has reduced the credit risk and pre-funding costs for the business.
According to SBI’s presentation, the firm has set up a car export business in Africa, and they intend to allow the use of XRP as payment for “SBI Motor Japan.” SBI’s plans for increasing the utility and acceptance of XRP within their business are expected to boost the altcoin’s demand.
XRP proponent @WKanheman recently tweeted about SBI’s financial results.
The SBI Q2 Report is out. Six slides bear upon #XRP and #Ripple and then I just type a couple more thoughts..
— WrathofKahneman (@WKahneman) October 28, 2021
1) First up - ODL makes the presentation! (p.181) JPY-PHP is Japan's first DA remittance service. https://t.co/tKiXxUHNnA pic.twitter.com/zmgv9ZLvRm
Ripple, the largest public holder of XRP, is working on a series of partnerships. The payments giant recently partnered with Pyypl, a blockchain-based firm. The partnership marks Ripple’s first On-Demand Liquidity (ODL) implementation in the Middle East.
The Middle East is home to two of the world’s largest remittance corridors. UAE and Saudi Arabia processed $78 billion in payments in 2020 alone, according to consulting firm McKinsey & Company.
Brooks Entwistle, managing director of RippleNet in APAC and MENA, was quoted as saying
The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments.
Cryptocurrency analysts at CoinsKid, a YouTube channel that shares crypto price analysis and prediction, have set a target of $27 for XRP price. Based on their technical analysis, the XRP price is expected to break out.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?