XRP to Gain Exposure From SBI Holdings Partnership With Sumitomo Mitsui Financial Group

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Ajeesh Sadanand, CTO, and Director SBI Ripple Asia took to twitter on April 29, 2020, to share the news of SBI’s deal with Sumitomo Mitsui Financial Group and how it will give a big exposure to XRP.
  • Fxcoin, Japanese exchange backed by SBI, has reportedly accepted an investment from the second-largest financial institution.
  • SBI’s support for XRP, Ripple’s digital asset is well-known. Also, SBI has previously considered payments of dividend tokens in XRP to its shareholders.

The second-largest bank in Japan, Sumitomo Mitsui Financial Group, has reportedly signed a deal with the SBI Holdings. This is for the expansion of digital banking services through smartphones. 

Ajeesh Sadanand, CTO, and Director SBI Ripple Asia took to twitter on April 29, 2020 to share the news of SBI’s deal with Sumitomo Mitsui Financial Group. He believes it is a big-time exposure for XRP since it has been backed by the second-largest Japanese bank.

SMFG looks forward to acquiring a 20% stake in the Neomobile Securities, subsidiary of SBI in the month of June. In addition to that, SBI is planning to accept another investment from SMFG in the coming months this year to establish a $1 billion fund for investments in enterprises engaged in digital technology.  

Also bringing to attention is the fact that Fxcoin, Japanese exchange backed by SBI, has reportedly accepted an investment from the second-largest financial institution. The Japanese crypto exchange announced on April 23, 2020 that it will start both domestic and international remittances with Ripple’s XRP.

Japan clear in its vision regarding digital assets

Japan seems to be on new tracks to develop the digital world. Also, Japan’s revised Crypto Laws Enforcement is scheduled to take place on May 1, 2020. Through all that is taking place in Japan it appears like it has achieved utmost clarification in its vision regarding digital assets.

SBI’s support for XRP, Ripple’s digital asset is well-known. Also, SBI has previously considered payments of dividends in XRP to its shareholders. That being the fact, questions have arisen regarding the impact the XRP adoption by banks will have on the token’s value.

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