A recent study has confirmed that Ripple Labs Inc has established partnerships with 61 Japanese banks. These 61 banks in Japan hold over 80% of the country’s banking assets. Attracted by synergies and driven by commoditization and low interest rates, Japanese banks and insurers are progressively incorporating Ripple’s technology.
The Ripple Effect On Japanese Banks
Ripple, recognized for its reliable payment innovations, has solidified its position as a key player in enabling quicker and more effective international transactions.
The study, conducted by experienced Statistician Dr. Hossein Hassani in collaboration with research specialists Xu Huang and Emmanuel Silva, highlighted the significant progress Ripple has achieved in Japan’s banking scene.
The research revealed roughly 80% of Japanese banks have collaborated with Ripple. This showcases the growing significance of blockchain in the mainstream finance sector. Japan’s banking sector has historically been cautious about embracing new technologies. However, with Ripple’s enticing offerings, it seems to have developed a soft spot for the blockchain payments firm and its innovative solutions.
Ripple’s technology, such as its ODL system (now Ripple Payment), offers perks like reduced costs, faster processing, and enhanced transparency. Japanese banks elevate industry standards by offering faster, more reliable international payment services through this opportunity.
SBI Holdings, a major Japanese financial giant, is a key player leveraging this linkup by utilizing Ripple’s payment system for worldwide settlements, leading to the establishment of SBI Ripple Asia.
Ripple’s Global Reach
Ripple has gained widespread acceptance across the globe due to its partnerships with major financial institutions like Amex, the Central Bank of Saudi Arabia, the UAE Exchange, Santander, RakBank, Cuallix, and many others.
These collaborations continued despite the legal dispute Ripple has with the U.S. Securities and Exchange Commission (SEC). This case has caused some American institutions to voice concerns about collaborating with Ripple.
In a notable development, Ripple Labs has teamed up with Clear Junction to advance its cross-border payment to ensure secure and immediate payment of GBP and EUR-denominated payouts for its customers.
Given Ripple’s position as the largest seller of XRP, the company is now setting its sights on the stablecoin market, with plans to launch an XRPL-based stablecoin later this year.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.