Ripple (XRP), ranked as the 3rd best crypto, is somewhat a pioneer in the terms of adoption of blockchain-based technology. That is how Santander bank, Western Union, SBI holdings and 100 more financial services and institutions have gone forward with testing Ripple’s xCurrent.
Although the CEO of Western Union has stated several weeks ago that the team behind Western Union was yet not able to witness any cost reduction for global remittance services being processed with Ripple’s xCurrent, SBI holdings boldly claim that xCurrent might bring XRP to become a standard for crypto and fiat currencies when it comes to scalable global payments.
SBI Holdings on Ripple’s xCurrent
SBI holdings is another prominent financial institution testing Ripple’s technology for their global payment services, hoping to become a part of crypto adoption while having been partnered up with Ripple (XRP) a while ago as one of many financial institutions that are testing xCurrent.
SBI holdings are based in Japan, joining numerous financial services under one giant institution.
As of the recent occasion, the CEO of SBI holdings, Yoshitaka Kitao, has addressed the public, holding a presentation at Japan Blockchain Conference while sharing a prediction that the mass adoption of cryptos, as well as the introduction of ICOs and blockchain-based assets to fiat values, has only just begun, predicting that cryptos will be able to acquire a faster pace of growth in the time to come.
SBI holdings CEO claims that the blockchain technology is able to improve and transform the financial industry and the way global payments are being made, which is the main reason why they are interested in blockchain in the first place.
Rile, known by a flattering rate of adoption for real life purpose, was naturally the technology of choice for SBI holdings, so they were set to test one of Ripple’s systems, xCurrent.
While the CEO of Western Union stated several weeks ago that xCurrent has not yet been able to show the promised cuts in fees when it comes to sending global payments, Yoshitaka Kitao has a different opinion based on the tests the SBI holdings have performed since they first started to work with xCurrent.
The CEO of SBI added that there are numerous issues in the current global payment systems, that could be easily solved with the utilization of XRP, while SBI was deemed interested in Ripple’s technology and system products even before XRP reached its peak in the market back in December of 2017 and January 2018.
SBI Holdings and Ripple: Plans for the Future
With the analysis of Ripple’s financial product, xCurrent, SBI holdings team was able to determine that the new blockchain-operated system made by Ripple was able to cut the time needed for processing global payment.
So, instead of having to wait from 1-2 business days that previously took SBI holdings per single global payment, can now be processed and done in a matter of only 3 seconds top. In addition to speeding up the process of validating global transactions, xCurrent was marked as the first blockchain –based product to initiate a global remittance payment in Japan.
In the analysis report on xCurrent made by SBI holdings testing team, the Japanese financial group also stated that the decrease in fees was noticed as well, marking global payments made with xCurrent significantly cheaper, while holding a potential of having around 1500 transactions processed in only 1 second that way showcasing a high level of scalability.
Confirming great technological capabilities of Ripple’s xCurrent in his statement at the Japanese Blockchain Conference, Kitao also added that XRP and Ripple’s financial products, as well as cryptocurrencies, in general, can add the needed support and security to the financial systems in general.
He also stated that Ripple (XRP) has shown an amazing progress in the terms of adoption across a wide circle of financial institutions, also adding that Ripple makes up for the only digital asset that has brought solutions for banking systems, customer traction and secure enterprise solutions that can be marked as revolutionary in the terms of transforming the financial industry.
SBI holdings have always been one of Ripple’s greatest supporters, starting a partnership two years ago back in 2016. Kitao also stated that people need to start observing cryptocurrencies from more angles rather than just observing coins going up and down in price. In accordance with Kitao, blockchain technology can be used to change people’s lives for better and should be looked upon in accordance with that idea.