Just a day after Ripple Labs, Inc. announced the Representative Director, President and CEO of SBI Holdings, Inc. Yoshitaka Kitao as one of its executive, the internationally recognised financial expert has announced in a discussion on Friday 26th April with the shareholders of SBI Holdings that SBI Virtual Currencies (VCTRADE), an XRP-centric exchange launched last year June, made around 360 million JPY (over $3 million) in its initial launch.
According to Kitao, SBI Virtual Currencies achieved the full-year profitability in the initial launch year 2018 by thoroughly making use of group synergies. SBI has built a very large ecosystem and this is one major thing that has been helping the firm.
After the crypto-asset related laws and regulations in Japan, SBI Virtual Currencies will be introducing private clouds to enhance security.
Ripple-dependent Money Tap is Becoming A Business Company
At the shareholders meeting, Kitao made known that Money Tap, a cost-free remittance service dependent on Ripple’s xCurrent will transform into a business company.
Kitao, with his determination to thoroughly increase the adoption of Money Tap as an innovative service with high customer benefits for financial institutions, is converting the consortium behind the idea to a full-grown business company.
Kitao said: “At a stage where the acceptance of investments from domestic financial institutions has been completed, Money Tap will now consider accepting an investment from U.S. Ripple, in order to strengthen technical cooperation and the promotion of initiatives related to international remittance.”
Beyond that, SBI intends to commercialise Money TaP and has called Ripple in to be a financial investor in the initiative.
SBI Sets to Make Ripple (XRP) Digital Version of SWIFT
With over 10,000 partner in mind, SBI has said it is willing to build a strong network that will oust SWIFT, while giving Ripple’s XRP the opportunity to be a digital version of SWIFT.
Kitao, who has been promoting XRP digital currency said he is planning to make XRP become a Global Standard in Future. SBI at the shareholder meeting announced its full-scale efforts towards increasing financial services with the use of Ripple’s XRP and R3’s Corda.
Ripple (XRP) is keeping SWIFT on its toes to go sophisticated by integrating new technologies into its ecosystem. With that, there was widespread rumour that SWIFT was partnering with Ripple, until the latter announced it has no relationship with SWIFT