While the vote of confidence which the State Bank of India (SBI) has been passing on Ripple (XRP) is creating avenue for the blockchain technology to excel in Asia especially in Inida, the CEO of SBI Group and chairman of SBI Holding, Yoshitaka Kitao came out at a major Blockchain Conference in Japan to flag out the coin with hope that it will soon become the global standard of cryptocurrency and money.
At the seminar tagged “The Japan Blockchain Conference” which took place on 27th of June, the CEO displayed much belief for the blockchain technology as one that will maintain its rapid growth trend and optimize the global financial system.
Mr Kitao added that due to the effectiveness and proficiency of Ripple tool, XRP, financial transactions are done seamlessly, creating a more efficient world. While at the same time, cross border transaction problems are being resolved as the tool fashions an ecosystem for banks that facilitate smart and easy transaction corridor with meagre cost within limited time.
The chairman of the SBI Holdings has been keeping tab on the cryptocurrency since January 2016 before the rally of XRP that resulted into the high valuation of the coin when it surpassed $50 billion.
Then, Kitao noted that XRP is the only tool with “battle-tested” solution that can help augment banking transactions and operations.
“Surveying the market, Ripple was the only company that has delivered battle-tested enterprise solutions and global bank customer traction, including commercial deals with top banks already signed in Asia Pacific. Distributed financial technology is undoubtedly transforming financial infrastructure and we’re excited to drive its adoption throughout Asia,” Kitao said.
Since the gesture, SBI Holdings had dragged financial institutions in South Korea, amongst which Kookmin and Shinhan, the two largest commercial banks in the country, to deploying Ripple tool to better cross-border transactions.
The Japan Blockchain Conference
Rated the largest Cryptocurrency conference in Japan, not less than 10,000 individuals were present at the session where issues related to cryptocurrency market, project, growth, regulation and investment in the sector were discussed.
The conference also featured bigwig like cofounder of Ethereum and creator of Cardano Charles Hoskinson, Bitcoin.com CEO, Roger Ver and other topnotch entrepreneur in the blockchain sector.