The Ripple XRP token is bearing good news while it is still fresh from being listed on the Coinbase Pro. The good news is SBI, which is a backer of Ripple, is planning on having many banks within the Japan market to use the MoneyTap option. The MoneyTap is a money transfer application that has been powered by the Ripple in which it is expected that each bank together with the regional banks will be able to use it very easily.
More on the SBI
Yoshitaka Kitao, who is the SBI Holdings Representative Director and President went ahead to mention that the SBI VCTrade will be going live in March. What this means is that for the verified members within the system they will be able to easily purchase the XRP token, together with other tokens with the use of the Japanese Yen, JPY.
As the order books will be going live, we should expect to see the Japanese market having come additional liquidity, one that will be able to accommodate the large volumes of trades that is expected to take place across borders by the group of banks. It is clear that the VCTrade platform has been anticipated by the market for a long time now.
During an interview with the famous Japanese publication Coinpost, Yoshitaka Kitao went on to say the utility and prospects of the XRP.
‘‘…the use of “xRapid” using XRP is getting widespread, and the number of companies participating in ripple nets is increasing substantially. Therefore, in such a meaning, 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.’’
But one of the most interesting information that came about from the announcement is that the primary goal for the SBI is to ensure that they have made the banks in Japan to use the MoneyTap application. And from this, the SBI has gone ahead to create a consortium of a number of banks, and with these banks on board, they will be able to facilitate the ambitious move of having as many banks using the application that has been powered by the Ripple.
Kitao also went ahead to state that the Bitcoin does not have a fundamental value as we would think, which is also an opinion that has been shared by Warren Buffet, and in fact, the number one crypto asset in the market is the XRP.
“There is basically no value for bitcoin. The fact that bitcoins are going to be used more and more in practical use is not easy if it comes to that price. So I think that ‘XRP’ in the virtual currency is probably the number one crypto asset.’”
When it comes to the XRP Kitao is very bullish, and in the past, he has been making several positive remarks on the evolution that the Ripple price will take. A good example is when he said the XRP price would jump to the levels of $10 once the SBI goes live. It might be something of a stretch, but the XRP has been showing promising results as it has been riding on a wave that has consistently presented good news to its investors.