Ripple is booming and much of the Japanese banks are starting to use this cryptocurrency.
David Jeans is the CEO of CipherTrace (a chain of blockchain detectives) and took advantage of the Rakuten Annual Technology Conference to announce that “almost all” the banks of Japan were beginning to use XRP.
In his speech he mentioned that there are thousands of cryptocurrencies and that only a few are known, mainly Bitcoin and Ethereum. He went on to say that “in Japan, almost all banks are starting to work with what is called XRP.”
Ripple has a favorable track record in Japan and a strong presence. Ripple technology began to be used in 2018 in Japan by a company that developed an application called MoneyTap. SBI Ripple Asia, is a joint venture to the Japanese financial services company SBI Holdings and founders of the application. MoneyTap focuses on allowing money to be sent using a phone number and a QR code.
The application was widely accepted to the point of Fukushima Bank forming a partnership with SBI Holdings to use it.
On the other hand, important banks such as Kita-Nippon, among others, had already adopted the payment solution based on Ripple.
The University of Tokyo has joined the network of higher education institutions that are part of the Ripple University Research Initiative.
Ripple technology will replace that of SWIFT, according to Jeffrey Tucker
Jeffrey Tucker, the editorial director of the American Institute for Economic Research, has been mentioned to state that Ripple has a bright future.
According to him, his technology is capable of replacing the technology used so far. The failures of the traditional SWIFT system leave a gap that is taking advantage of XRP to prosper. He also comments that the traditional banking financial system is unable to cope with the new era of globalization. And that “the use of crypto is necessary to fill this niche market and make these beautiful things happen.”
Among his statements he also denied the claim of the SEC of the United States that defines XRP as a security. He defends his theory by claiming that the SEC performed the classification using the old system. These measures do not fit the new cryptocurrency technology among which ripple is. In addition, he took the opportunity to ask those responsible for establishing policies that instead of fighting them adopt them.
Tucker believes that retail investors do not value this cryptocurrency as an investment. For this reason, even with its wide acceptance, its price has not recovered as that of other cryptocurrencies. He also states that in order for its price to improve significantly, it must change the mentality of this group and adopt it as an investment.