Ripple News: SBI Motor Japan Now Accepts XRP For Cross-Border PaymentsMay 9, 2022 1:21 pm
SBI Motor Japan has just announced that it will now accept XRP and BTC for its cross border e-commerce site which allows customers to purchase used cars as well as a variety of other products.
This was a new milestone for crypto as this was actually the first time that a digital asset like XRP has been deployed in a cross-border e-commerce website.
The transactions are settled using a cryptocurrency exchange called SBI VC Trade Co. Ltd which also happens to be owned by SBI Group.
The recent move, according to the company, was to meet the demands of its customer base as demand for cryptocurrencies has exploded across the board, especially in developing countries.
In particular, people who don’t have access to traditional banking or financial services are the ones who are most likely to use crypto alternatives.
Japan's first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mostly to Africa. #BTC will be the other crytpo-asset accepted. @yoshitaka_kitao keeps putting XRP utility in play.https://t.co/MYfcofN3XE
— ☀🌸CryptoEri 196k+ Followers (beware of imposters) (@sentosumosaba) May 9, 2022
According to the announcement, the move stems from the growing demand for cryptocurrencies in developing countries, particularly in Africa, where people still lack access to basic financial services.
According to SBI, over 1.7 billion people worldwide still lack access to basic financial services and have been shut out of beneficial activities because of it, as shown by a 2017 World Bank survey.
This move is seen as a positive step forward for Ripple, which has been struggling with a lawsuit filed in 2020 for selling unregistered securities in the form of XRP.
The lawsuit has dealt a devastating blow to XRP and its holders, who have seen some platforms cease support for digital currency.
Ripple CEO Brad Garlinghouse recently expressed his optimism that the long-ongoing lawsuit with the United States Securities and Exchange Commission would result in a favorable outcome for the blockchain-based global payments firm.
The fact that SBI Group, a major Japanese conglomerate, has still decided to adopt XRP payments despite the current SEC lawsuit is an indicator of Ripple’s continued success overseas.
SBI Group continues to be a major partner for Ripple as it has done several initiatives in the past that promote the use of XRP such as offering it as rewards for its eligible shareholders.
With the conglomerate exporting over 5000 cars every single year, the fact that it uses as payments for its expanding global operations shows that it disagrees with the SEC’s assessment that XRP is a security.
Clearly, firms like SBI outside the US still regard XRP as a digital asset and not a security.
Japan’s SBI Group has made another move to bring #XRP to the mainstream as SBI Africa’s cross-border e-commerce platform, SBI Motor Japan, has started to accept payments in cryptocurrencies! 💥🔥 👀
— JackTheRippler ©️ (@RippleXrpie) May 9, 2022
The SBI Group is a key partner of global payments giant Ripple. The company has announced several initiatives like offering eligible shareholders free XRP rewards and dividends every year through a program that was first launched in August 2019.
Analysts have evaluated the XRP price trend and believe the altcoin is close to a bottom. @egragcrypto, an analyst and trader, argues the $0.50 range has acted as a critical level and could be the altcoin’s potential bottom.
Since 2018, the $0.50 level has played a pivotal role over nine times, acting as resistance or support.
The analyst observed the two-month XRP price chart and noted a cup-and-handle formation with the edge of the handle’s confluence at $0.50.
This implies this level is Ripple’s potential bottom and a strong entry point for traders.
As more firms continue to announce the acceptance of XRP payments, this will certainly help pave the way to make Ripple mainstream.
Allright! I found out why we're dropping! SBI has announced the first XRP payment channel for cross-border payments with Africa. pic.twitter.com/ySKLVSrbuu
— stefan huber.justice (@Leerzeit) May 9, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.