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SBI FX Trade Is Set To Start Handling XRP This Month


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The SBI OTC desk is going to suck up plenty of XRP supply in order to service its big clients. You're not on an OTC desk unless you're moving Donald-Trump-huuuuuge volume.

FX retail trading wasn't even a thing until 1996, it was only big banks and FI's that needed to trade and hedge with massive amounts of fiat currency.  Idk if it's just stupid luck or a good time to be alive but that retail investors even had the opportunity to get into XRP for pennies on the dollar BEFORE FI's caught wind is almost ass-backwards.

Having XRP as a proxy to pre-IPO Ripple stock is another bizzaro situation. Welcome to bizzaro land, full steam ahead.  OTC is what moves markets and the retailers are just along for the ride. Destination moon.

 

Edited by jetbrzzz
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Very curious about the anonymous partnership SBI announced in the slides regarding the first Japanese cypto fund.

50% XRP, 30 % BTC and 20% ETH. Should probably be some news about that coming up in the next few weeks.

Page 114.

https://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/200626presentations.pdf

Edited by mandelbaum
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2 hours ago, mandelbaum said:

Very curious about the anonymous partnership SBI announced in the slides regarding the first Japanese cypto fund.

50% XRP, 30 % BTC and 20% ETH. Should probably be some news about that coming up in the next few weeks.

Page 114.

https://www.sbigroup.co.jp/english/investors/disclosure/presentation/pdf/200626presentations.pdf

The BTC maxis must be livid knowing that their beloved freedom coin will now be held by FI's and offered to their retail investors, if they even spent enough time to get to page 114.  Two more pages down and you'll see that the regulation hammer came down (May 2020) on 'scammy' ICOs, crypto margin trading, STOs, among other tings.

And FFS, page 119, Japan's remittance fees were 17%, 3x the US'.  Jezzzuz, 17-friggin'-percent, send $1000, deliver $830.  Insta-inflation.  And don't even tell me cause the legal cap is 20% it's OK, just like 29.99% credit card APR is "legal".  No wonder Japan is on the midnight XRP train to Georgia.

These banks/middlemen have had a sweetheart cash cow forever now, no shit they don't want a $0 fee payment system.  When Circle talks about "fees go to zero", the fee collectors collectively have terror sweats. They better learn to code cause payment fees are goin' the way of Kodak.  It's that profound. Kodak went into pharmaceuticals, you can guess how that turned out. They also went into crypto in 2018...yeah, I didn't know about that either....facepalm.

Edited by jetbrzzz
grammmar
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13 hours ago, jetbrzzz said:

You're not on an OTC desk unless you're moving Donald-Trump-huuuuuge volume.

Do you mean what he lend's, yes that is huuuuge. If you mean what he has... well not much

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5 hours ago, JBW said:

Do you mean what he lend's, yes that is huuuuge. If you mean what he has... well not much

I mean when SBI's OTC desk starts FX trading using XRP with Korean banks and other FI's, it's going to be large volume trading, like  millions of dollars per trade.  SBI is setting up XRP for remittance solutions now, I don't know why they wouldn't eventually move into FX using XRP to settle CBDC swaps, etc.

They've also been pushing their crypto/XRP 'trust' fund to investors, as mentioned by mandelbaum. Just another avenue for SBI to get XRP out to the masses.

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