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SBI Backs Ripple XRP Ledger for NFT, Tokenization

SBI Backs Ripple XRP Ledger for NFT, Tokenization
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SBI, the Japanese financial and crypto giant, has reaffirmed its support for ripple And its XRP ecosystem – claiming that its XRP Ledger network is a good fit for the non-fungible tokens (NFT) industry, as well as “other assets.”

Source: iStock / isa_ozdere

In a media document written by Yoshitaka Kitao, CEO of the SBI and a member of the Ripple Board of Directors, Kitao hinted that the “extremely low transaction fees” on the Ripple network have made XRP more suitable for NFT-related transactions than the alternatives — the NFT presumably includes the selection network, Ethereum. (ETH).

he added:

“XRP Ledger has the ability to tokenize not only XRP, but a variety of other assets as well and has very low transaction fees that can be settled instantly with very low environmental impact because it does not use mining and has decentralized trading capabilities.”

He opined that coding “could be an opportunity for the XRP Ledger,” noting that members of the XRP community have “already proposed a primary standard for issuing NFTs on the XRP ledger.”

However, he added, Ripple Replex The team proposed “a model for NFTs in May that could provide richer functionality.” Kitao claimed that this model “will be formally adopted after community review and vote”.

Kitao acknowledged that NFT’s progress could include the development of interoperability solutions, both in the blockchain world and the traditional field, noting:

“Achieving impact at scale across many types of assets will require interactions between different blockchains, the existing internet, and financial infrastructures.”

The Ripple-SBI bond remains the same as ever. Kitao has publicly supported Ripple in its long struggle with US regulators and paid shareholders of one of its XRP-using subsidiaries. her new clients SBI VC Trade The cryptocurrency exchange has also been awarded free XRP tokens. Companies also participated in the management of SBI-Ripple Asia Cross Border Remittance Initiative.

The company also has a foothold in the Southeast Asian and European markets. In the document, Kitao explained that the SBI Group “has begun preparations for setting up the first digital asset bank in Japan,” and reminded the business world that he had been working with him. Sygnum On plants to establish Osaka Digital Exchange and the SIX Digital Exchange in Switzerland.
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Learn more:
– SEC asks court to allow it to see evidence of Ripple’s “earning XRP”
– The FX branch of the Japanese planning giant SBI Planning Crypto Move – Report
– Japanese MP Pro-Crypto outlines crypto vision and regulatory future for NFT

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