Reportedly SBI is Backing Ripple XRP Ledger

The reports have just come in that SBI Holdings, one of the most prominent investment companies in Japan is set to back Ripple for its Ripple XRP Ledger. Ripple XRP Ledger is set to offer several benefits to its users as well as receive support from many entities for which the details have been provided below

1) It is promising for its followers as well as the users of Ripple (XRP), SBI has made an announcement, the latest reports say.  The announcement made is related to the backing of Ripple (XRP) by SBI. As per the announcement, SBI will provide support and full backing to Ripple.

2) Besides this, full support and backing would be provided by the company to the XRP’s ecosystem. The reason why it has planned to go for it has been revealed. For the non-fungible token (NFT) industry, the Ledger network for XRP would prove to be the very suitable pick, says SBI. The ability to prove useful for other assets also, this network has in it.

3) The largest companies that have a tremendous number of subsidiaries in Japan and the rest of the world, SBI is one of those. In Japan the company is among the top financial giants adopting cryptocurrencies and since 2020 has shown great interest. In addition to undergoing partnerships with cryptocurrencies’ firms and bringing more exposure to the industry, several investments have been made by SBI.

4) About the benefits of the XRP Ledger, Yoshitaka Kitao, SBI CEO, in his authored document has also commented. The Board at Ripple, Kitao is also one of its Members.

5) At an extremely low level, the network offers transaction fees, he stated. It was further added by him that most importantly XRP Ledger would be based on Ethereum (ETH) and prove itself to be the best pick.

6) About the capabilities of the XRP Ledger, Kitao also talked in this regard. It is not just XRP that the new ledger has the ability to tokenize, he stated. Other than XRP the ledger has the ability to tokenize assets. Swift transactions would be offered by the platform which would be really fast, he stated.

7) The transactions would be taking place instantly, efficiently, and at a very low fee, when it comes to the environment. The platform has very good features that would not go with mining but have the capabilities of a decentralized platform.

8) The significance of tokenization for XRP Ledger was also discussed by Kitao. The tokenization process could prove to be a beneficial opportunity for the XRP Ledger, he stated. A proposal from community members of XRP supporting the issuance of NFTs is also in the pipeline. The idea of XRP Ledger having NFTs issued on it is being supported and completely fine with the community members, he finally stated.

9) Kitao clarified that the RippleX team at Ripple in May of 2021, had already proposed an NFT model. Richer functionalities are offered by the model, which proved the new model as promising.