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XRP token of Ripple network has recently seen a massive boom in acceptance across the Asian region after getting accepted by SBI Motor Japan
One of the leading Used Car Exporters of Japan, based in Tokyo, SBI Motor Japan, will now let its customers use the payments in digital currencies that would include the topmost digital currency, bitcoin, and XRP token of the Ripple network. For bitcoin, it’s nothing new to get accepted for the purpose, but this instance marks XRP as the first time it has been integrated with Japan’s eCommerce site that manages cross-border payments.
As per the announcement made on Monday, SBI Motor Japan now has accepted the crypto assets bitcoin (BTC) and XRP as payment means. The Japanese motor company provides vital and necessary information regarding used cars to the countries of the African region as well as Ireland, the Bahamas, the Cayman Islands, and the Caribbean regions.
The E-commerce site of used motors will settle BTC and XRP transactions through SBI VC Trade Co. Ltd., a subsidiary of crypto trading of the SBI Group, a financial giant in Japan. The exchange is going to adopt the appropriate measures that are going to prevent the illicit activities like money laundering and financing terror activities, as per the announcement. On top of that, SBI is currently examining its business related partners and other partners to discover if they are following the guidelines of Anti Money Laundering.
This move has come after the rising demand for crypto payment settlements, especially in several developing nations like Africa. SBI Motors noted that there are more than 1.7 billion adults worldwide that remain untouched by banking facilities as per the World Bank Survey in 2017, and due to this, they miss out on many key financial services.
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SBI has revealed that it has intentions to add its support for cryptocurrencies in the future as there will be growth in cryptocurrencies adoptions. On top of that, the company will continue besides crypto settlements to create more services that cater to the customer’s needs. The development could be considered a win for the XRP token’s Ripple network as the one of the most exciting lawsuits between the United States Securities and Exchange Commission and blockchain payments firm based in San Francisco is dragging forward.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
