Good Deal For Ripple As SBI Joins Russian Banks

SBI Holdings are known in the crypto space for being partners with Ripple and now, they have just reached an agreement with two other Russian and Japanese banks. The Russian Direct Investment Fund (RDIF) and the Russian Japanese Invest Fund are getting set to invest in SBS bank which is a subsidiary of SBI Holdings.

The agreement of this will continue to see Ripple grow in Asia and was signed during a meeting between the Russian President and Japanese Prime Minister, Vladimir Putin and Shinzo Abe, respectively.

In the first quarter of last year, Ripple Inc. started a partnership with the SBI Group and aimed to meet the growing demand of Ripple’s payment solution on the continent. In the summer, SBI launched its Virtual Currency platform and Ripple XRP was the only currency offered at the launch, “we are planning to handle XRP first and then expand it to Bitcoin and Bitcoin Cash (BCH) sequentially.”

Yoshitaka Kitao is the president and CEO of SBI Group who was the mind who launched the platform straight after the domain was activated on June 1st. It provides digital currency exchange and trading service called “VCTRADE”. The CEO said that the Japanese firm has a lot of faith in Ripple's native token, XRP. Speaking the cryptocurrency, Kitao said, “not only does it have a clear use case, but XRP is also faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”

The Russian Japanese joint venture is aimed to design environmentally friendly technologies, smart cities and the use of advanced technology and industrial development. Focus on expanding the the export base of the Russian Far East and any other initiative which will strengthen trade economic relationship between the two nations.

As reported by ZyCrypto, the partnership will include the “implementation of major projects totaling over 1.4 trillion rubles across 95 percent of the Region of  Russian Federation. RDIF will initiate and establish a partnership with major international investors from over 15 countries that will amount up to $40 billion.”

Ripple will have a good experience with this partnership since its decentralised mechanisms would be needed for technology that is environmentally friendly.

What are your thoughts? Let us know what you think down below in the comments!