Recently, XRP's price has skyrocketed, and discussions about it are very strong. From high-performance networks to payments and stablecoins, it has actually been laid out for many years; its performance relies on the support of Japan's financial conglomerate SBI.
According to relevant persons' original words: 'Everyone is just making small moves in the industry; our goal is to have all banks use Ripple.' Now they have achieved this.
The following is an interpretation and summary:
Disclaimer.
The author, AB KUAI DONG, is currently supported by the Japan Skyland Fund, one of the fund's investors is SBI. SBI is one of Japan's largest financial securities conglomerates and also a supporter behind Ripple, being the joint venture partner of Ripple in Japan.
This content is for research and discussion purposes only, mainly inclined to present publicly available information. For specific details, please consult SBI Ripple Asia.
Behind Ripple, there are two key supporters: Yoshitaka Kitao, the former general manager of Nomura Securities and current chairman of SBI Group, and Genki Ota, the president of the Japan Crypto Association and current executive director of SBI Group.
They have publicly expressed support for Ripple's development multiple times, with Yoshitaka Kitao being a staunch supporter of XRP. Their joint venture was established as early as 2016.
Among them, Ota Genki is the president of the Japan Virtual Currency Exchange Association (JVCEA), graduated from the University of Tokyo. The association's members include well-known crypto companies such as Binance Japan, Rakuten, and bitFlyer. The association has provided many policy recommendations to Japanese authorities.
Last year, as Japan promoted financial special zones and fully aligned with Singapore, JVCEA announced a strategic slogan for establishing a Web3 nation, which was adopted by the authorities.
In terms of XRP liquidity, its main supporter is the British market maker B2C2, which was formally acquired by SBI Group in 2020. It is also one of the main market makers for Japan's MEME SHIB.
According to Arkham's data, this summer, the market maker assisted the German government in dumping thousands of BTC into the market, making it a national-level market maker.
In terms of business advancement, last summer, SBI Group officially announced that it would provide Ripple XRP remittance services to bank accounts in several Southeast Asian countries, marking Ripple's formal landing and large-scale adoption in international bank remittances.
Currently, Ripple's cooperation cases include: Thailand's long-established commercial bank SCB, Australia's remittance company HAI HA, and cross-border payment Tranglo, etc.
In addition to the support from SBI and several banks, Ripple's performance also relies on North American forces. In Trump's new administration, a supporter behind USDT has been nominated as the U.S. Secretary of Commerce, and this administration advocates for dollar priority, especially for dollar stablecoins and global payments.
Ripple is precisely a long-term builder in this area, focusing on stablecoins and cross-border payments.
At the same time, this boost for XRP also has support from the Japanese public. The newly elected Japanese administration is promoting a reduction of the cryptocurrency asset tax from a maximum of 55% to 20%. Many Japanese players who have invested in XRP are willing to wait for the tax rate reduction before selling.
Currently, the SEC has approved spot ETFs for BTC and ETH. In the latest submitted application documents, SOL and XRP are also on the way. Bloomberg analysts predict that these two ETFs are expected to be approved by the end of next year.
This will be a significant milestone for Ripple.
The above is a summary regarding this matter, hoping it will be helpful to you. Thank you for your attention and reading.
