To add to the surge in XRP's growing global liquidity, SBI Holdings has announced that its new Digital Asset Exchange – SBI Virtual Currencies – will use XRP as the only digital asset supported during the launch.
SBI Holdings is the leading financial services company in Japan. Their subsidiary, SBI Securities, is Japan's largest online securities company with more than 4 million brokerage accounts. SBI Virtual Currencies was launched in beta on January 30th. The exchange aims to provide a respected and reliable exchange for both its institutional clients and for individual digital asset buyers in Japan.
The strong institutional use of XRP and its scalability (1,500 transactions per second), combined with XRP's growing demand in Japan, has made digital assets a natural asset for launch.
In a post last August, SBI Holdings' CEO and Executive Chairman Yoshitaka Kitao told Ripple Insights why SBI Holdings believes so strongly in XRP.
"Not only is its use clear, but the XRP is faster, cheaper and more scalable than any other digital asset," Kitao said. "I firmly believe that it will become the global standard in digital currencies."
SBI virtual currencies seek to join the xRapid ecosystem
SBI Virtual Currencies (SBI VC) seeks to join the ecosystem xRapid – Ripple's professional solution – to help institutions obtain cash for cross-border payments between Japan and the rest of the world. Ripple will eventually integrate the SBI VC APIs so that xRapid users – payment providers and banks that transfer money to and from Japan – can convert XRP to JPY and JPY to XRP instantly via SBI VC.
The high cost of liquidity inherent in cross-border payments is significantly reduced with xRapid, providing payment providers and banks with an efficient, scalable, low-cost liquidity option, while enhancing their customers' experience .
Patrick Griffin, Ripple's senior vice president of business development, believes that the partnership with SBI VC is a step closer to the company's mission of establishing an Internet of Value, where the Money can flow freely.
"The decision taken today to make XRP the main digital asset of SBI Virtual Currencies shows the utility, efficiency and scalability that the financial institutions of the The whole world sees in XRP – it's a crucial step forward in our mission to build XRP liquidity and build a valuable Internet, "Griffin said.
For more information on xRapid or on any of Ripple's solutions, visit Ripple's Solutions page.