According to reports by FX Street and other publications, SBI CEO Yoshitaka Kitao said that XRP’s market cap will easily overtake that of Bitcoin’s by the end of 2019 due to XRP being adopted on a global scale for payments and settlement transactions.
Ripple has plans in place to achieve its Internet of Value and allowing its customers across the world to be part of a global ecosystem, RippleNet. R3, another enterprise blockchain software firm, is leveraging XRP and XRP Ledger’s technology to facilitate corporate settlements on the Corda Network.
SBI’s Mr. Kitao shares the same dreams, but with respect to Japan and improving its payments industry. Yoshitaka Kitao said,
“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the [Ripple] market capitalization will easily exceed the market capitalization of Bitcoin (BTC).”
Furthermore, Mr. Kitao added that they will be using R3’s Corda and XRP in turn to process international remittances. He continued,
“You can use R3’s ‘Corda’ for international remittance, but Corda Settler and XRP use this because they have high affinity. That’s why the SWIFT partnership with R3 (Corda) is good news that brings bright materials to the market… What I emphasize is to combine R3 and Ripple to make XRP thoroughly practical useable.”
SBI has strategically placed itself at the center of the cryptocurrency revolution by partnering with important leaders in the cryptocurrency ecosystem, and this involves Ripple, R3 and other companies that are based all across the world.
The recent report by SBI published on December 31, 2018, details how SBI plans to achieve their dreams, specifically, Mr. Kitao’s dreams to restructure Japan’s payment industry and make it more efficient as compared to its neighboring countries.
Kitao also addressed how Bitcoin has no value to provide if it would be considered in a practical use-case scenario and even said that XRP would satisfy all the demands that Bitcoin couldn’t.
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.