Ripple (XRP) Major Partnership With Japanese Financial Giant: Details

TL;DR

The subsidiary of SBI Holdings joined hands with Ripple to promote the use of XRP Ledger (XRPL) within the Web3 community. Despite this association, the price of XRP was largely unaffected, hovering around $0.57.

Ripple’s latest collaboration

Ripple continues to strengthen its global presence, recently partnering with SBI Digital Community, which is under the umbrella of Japanese financial giant SBI Holdings. Under the terms of the partnership, the Asian entity will promote the use of XRP Ledger (XRPL) in the Web3 community.

“Through this strategic partnership, we will increase opportunities for individual users to use XRP Ledger through the ‘Web3 community (hereinafter referred to as ‘Bto3′)’ operated by SBI Digital Community and work to popularize XRP Ledger,” announced SBI.

The Bto3 Web3 community is an initiative developed by the Japanese organization that focuses on expanding the adoption and accessibility of non-fungible tokens (NFTs) by leveraging the XRPL blockchain infrastructure. It also aims to connect businesses, artists and consumers, fostering a more inclusive digital art community.

SBI Digital Community said it will use a designated marketplace called xrp.cafe for the distribution and trading of NFTs issued on the XRP Ledger.

“Furthermore, we will make it possible to pay rewards to creators and other community contributors in the XRP cryptocurrency, based on their wishes. We believe that by increasing the number of XRP Ledger users, more companies will be able to offer new B-to-C services , thus increasing comfort in the real world,” the entity concluded.

The announced collaboration had little to no impact on the price of XRP, which has hovered around $0.57 in the past 24 hours. This represents a 10% decline compared to the local high of nearly $0.64 recorded last week following the latest development on the Ripple vs. SEC front.

Judge Torres ruled that the company must pay a fine of $125 million for violating certain securities laws. The figure is just a fraction of the regulator’s initial demand of $2 billion.

The Previous Association

Earlier this month, Ripple joined hands with the Dubai International Financial Center (DIFC) to drive crypto adoption and introduce the merits of blockchain technology to the Middle East.

“Our partnership with the DIFC Innovation Hub promises to drive the adoption of blockchain technology in the region as XRPL continues to be a leading blockchain for start-ups and large enterprises in the region that are building cases for ‘real uses’, stated CEO Brad Garlinghouse.

It is worth noting that Ripple’s Middle East and Africa (MEA) regional office is located within the aforementioned economic zone. Several months ago, the DIFC approved XRP for use, meaning licensed crypto entities operating there can incorporate the token into their operations.

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