According to a recent report, SBI is going to start handling XRP this month. This is included in the plan to expand the company’s business and operations with Ripple company.
Recall, Japanese conglomerate SBI Holdings Inc. stated that its department, SBI FX Trade will start handling XRP in August 2020. Note, that there are 5 days left at the end of August, so this event will be a big catalyst for the XRP price rise this month.
月内に間に合うかどうか分かりませんが、いずれにせよ近日中にはSBI FXトレードがXRPの取り扱いを開始するでしょう。 https://t.co/Kngk4R7tUb
— GiantGox (@GiantGox) August 26, 2020
As the Twitter social network user notes, regardless of whether the company has time to do it before the end of the month, SBI FX Trade will soon start working with XRP anyway.
Ripple Adoption Depends On XRP Cryptocurrency Demand
In turn, the head of Ripple company, Brad Garlinghouse, admits that Ripple is too dependent on the sale of XRP. The company intends to rethink its growth strategy, focusing on creating and promoting new products for RippleNet.
Enterprise blockchain firm Ripple intends to go beyond serving cross-border payments and expand the range of services provided. To attract new clients, the head of the company, Brad Garlinghouse, intends to turn the organization into the “Amazon of the cryptocurrency world.”
Garlinghouse admitted that his company is still dependent on XRP cryptocurrency. An earlier Ripple report said that XRP sales to institutional investors in the second quarter of 2020 increased by 1760% to $ 32.55 million. In the 1Q, this figure was at $ 1.75 million.
For a long time, Ripple company has collaborated with banks and other financial institutions, promoting its payment and exchange network RippleNet. More than 350 organizations from more than 40 countries have already joined the latter. The popularity of this solution is greatly influenced by the efforts of Ripple, which has partnered with MoneyGram and Intermex to promote the payment network.
It is also about expanding the strategy, not changing it. The head of the company believes that Ripple can become Amazon of the crypto world. He is confident that the company will be able to ensure that its developments are used in many areas, just as Amazon has become a platform for various activities in the field of e-commerce.
However, unlike Amazon, Ripple does not have an “anchor” application that would allow the company to amass a large user base. Ripple’s grants for infrastructure development through its investment wing Xpring have not been enough, so the company will focus on creating tools for application developers.
Brad Garlinghouse notes that the company’s development is hampered by disputes over whether XRP tokens are securities –uncertainty scares off potential investors.
Also, the reputation of Ripple is not affected in the best way by its proximity to traditional banks – this approach is not welcomed in the cryptocurrency industry.
