Ripple’s technology will gradually become used in the form of using “XRP” says SBI President

Ripple has not stopped making news despite the bear market, the company has been pushing for the adoption of XRP among banks and global payment companies.

In a recent discussion with Coinpost, SBI’s President Yoshitaka Kitao shared some bullish remarks on XRP and its use. Despite the plunge in Cryptocurrencies last year, he remains optimistic about the practical use of XRP for international remittances. He notes that XRP is “getting widespread and is big overseas” and the banks (like Santander) that are participating keep increasing substantially.

Notably, he said:

“it seems that the use of Ripple ‘s technology will gradually become used in the form of using “XRP” in the international money transfer field. Virtual currency is tough unless there is “real demand”, but we believe firm “real demand” will come out from now on.”

Mr. Kitao believes that Cryptocurrencies do not have any fundamental value which justifies the 80% drop in price. The value for Crypto assets should come from “real demand”, in XRP’s case from being actively used as a bridge currency in international money transfers.

“This Ripple ‘s solution is positive for financial institutions as well as customers’ plus talks, so it is the current international remittance that this should proceed steadily. Furthermore, if you also use XRP, it will be more efficient, so let’s use it.”

On R3, Money tap and SEC

SBI is one of the largest multi-Billion dollar institutions in Japan, it led an investment round in the enterprise Blockchain consortium R3. Last year R3 made big news by listing XRP on its new universal payment settlement platform.

Money Tap is a consumer-facing money transfer app that uses Ripple’s xCurrent solution to facilitate real-time bank to bank money transfers.

“Eventually, we are considering implementing the foreign exchange remittance function using “XRP” on money taps.”

Mr. Kitao aims to advance Corda and Ripple’s solution worldwide as it has high benefits in a cashless society. He plans to promote the Corda system and Ripple in the upcoming Osaka Expo where major representatives from financial institutions gather.

Mr. Kitao also commented on the SEC stance on Cryptocurrencies. He believes that the SEC will further delay the decision on whether Crypto assets like XRP are securities or not. He said:

“in the meantime, more and more practical youth will penetrate.”

“Perhaps prior to banking, most of the money mobility operators are using Ripple ‘s DLT system (xCurrent), and “xRapid” will be used after that. That is, XRP will be used.”

At the time of writing, XRP is valued at $0.36 with a market cap of $12 Billion.

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