Japan-based SBI Holdings has granted its shareholders some portions of XRP, Today’s Gazette has learnt.
The firm said it is granting interim benefits to its shareholders who have 1 unit (100 shares) or more as of September 30, 2019 with a token of 30 XRP.
According to a release by SBI, the company said it will continue to heighten shareholder’s dividends for the 10th consecutive period until the fiscal year ending March 31, 2019. The decision is made to return profits to its shareholders.
Also, SBI is presenting free exchange application tickets for “Alaplus products, free stock coupons for “My Investment Trust App and “Stock News Web”.
Telling its shareholders about XRP, SBI in the message said it believes XRP is one of the important asset classes.
“We would like to provide our shareholders with the opportunity to use the virtual currency XRP in addition to the information provided by the “My Virtual Currency” app,” SBI said.
SBI Holdings has been at the forefront campaigning for the adoption of Ripple’s XRP. Through the collaborative effort of Ripple and SBI Holdings, SBI Ripple Asia was formed. The alliance birthed the creation of a free-remittance app dubbed Money Tap.
Besides, Yoshitaka Kitao, President and Representative Director of SBI Holdings sits on the board of directors of Ripple Inc.
The Japanese based firm also launched XRP-centric SBI VC Trade Co., Ltd. The exchange made a profit of $3 million in less than a year. Kitao, whose firm, SBI, has stake in R3, resolved the discord between Ripple Inc. and R3.
XRP Community Criticizes Ripple
For some time now, some section of the XRP community have accused Ripple Inc. of intentionally dumping the price of the digital currency. To the extent that some of them filed a petition on Change.org claiming they will hardfork the digital asset.
XRP is not a Security, Brad Garlinghouse Reiterates
Ripple has been constantly accused lately of aiding the slow growth of XRP in the market, due to what could be termed indiscriminate and controversial sales of the digital currency. In a series of tweets, Brad Garlinghouse, the CEO at Ripple reacted to the ongoing FUD in the crypto space and on the class action lawsuit.
Brad Garlinghouse Comments on Spreading FUD about Ripple and XRP
According to Ripple’s CEO, Brad Garlinghouse, he’s being compelled to comment on the ongoing FUD about Ripple and its digital token, XRP. This he said persisted over the last few weeks, which is specifically based on XRP sales, litigation and lots more.
He said “I’m always struck by the questionable sources (i’m being generous here) spreading FUD about XRP and Ripple. Even more so over the last few weeks (Ripple’s XRP sales, litigation etc)…. thus, I feel compelled to comment.”
XRP is Clearly Not a Security, Ripple’s CEO Reiterates
The CEO continued by pointing to the class action lawsuit, in which Ripple stands as a defendant. He reserved his comment on the case, assuring that the Blockchain Tech will soon make its stance known.
He also clarified the general sayings about whether XRP is a security or not. To back the digital currency as not being a security, Garlinghouse referred to the attestation of the UK and others about XRP.
He said “As a defendant in the class action lawsuit, I won’t get into the details (response from Ripple is coming soon). I will say: SEC guidance isn’t issued by the Commission and isn’t law, rule or regulation. It’s clear XRP is not a security and the UK and others have said as much.”
However, a loss in the ongoing legal tussle surrounding Ripple’s XRP, regarding whether the digital token should be categorised as unregistered security by the United States Securities and Exchange Commission (SEC), could initiate uncontrollable sell-off of XRP.
Sales of XRP is Meant for the Wellbeing of Its Ecosystem
Brad Garlinghouse also added the major reason why XRP sale is necessary. In his clarification he said, the sale is purposely for the expansion of XRP’s utility, to develop RippleNet and other related businesses. He said “XRP sales are about helping expand XRP’s utility – building RippleNet & supporting other biz building w/XRP ie Dharma & Forte…”
He as well pointed to the fact that the sales of XRP have been reduced in terms of volume Quarter by Quarter, which subsequently reduced the inflation rate of the circulating supply of the cryptocurrency as against that of Bitcoin (BTC) and Ethereum (ETH).
“…Reality is we DECREASED our sales by volume Q/Q and since then the inflation rate of XRP circulating supply has been lower than that of BTC and ETH.”
Ripple’s Standard in Reporting and Transparency
According to Ripple’s CEO concluding part of his address, the blockchain tech is very keen on transparency and standard.
To make this claim factual enough, Garlinghouse pointed to the cross-border remittance company’s quarterly markets report which has so far been consistent.
“Ripple continues to set industry standards in reporting and transparency (one example is our quarterly markets report). We lay it all out, and it’s not our “view” but fact.” Brad Garlinghouse concluded.