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Ripple to tap into $9.5 billion market with SBI Holdings’ xRapid adoption?


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xRapid and SBIVC:

The way that xRapid is able to settle cross-border payments within minutes is by using XRP as a bridge currency. In a JPY to USD transaction, JPY is converted to XRP using a Japanese exchange through banking systems, sent on the XRP Ledger to the wallet of an American exchange, and converted into USD at the other end. This is then processed through local payment gateways and paid out.

Speculations of SBI using xRapid are further reinforced by Ripple’s statement concerning the launch of SBI’s Virtual Currencies exchange platform. They state:

“Ripple will eventually integrate SBI VC’s APIs so that xRapid users — payment providers and banks who are transferring money into and out of Japan — can convert XRP to JPY and JPY to XRP instantly through SBI VC.”

SBI’s annual report included mentions of achieving ‘synergy’ with their forex, securities and cryptocurrency businesses. This would imply that the on-demand liquidity required for xRapid will be sourced from SBIVC, which has an expected customer flow of 4.2 million users.

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