As per the latest reports, SBI has made an announcement that is promising for its followers as well as the users of Ripple (XRP). The announcement SBI has made is related to the backing of Ripple (XRP). The firm has announced that it is will be providing full backing and support to Ripple.
Moreover, the company would also be providing full support and backing to the ecosystem of XRP. The firm has also revealed the reason why it has planned to go for it. According to SBI, the Ledge network for XRP would prove to be a suitable pick for the non-fungible token (NFT) industry. Furthermore, the network has the ability to prove useful for other assets as well.
SBI is one of the largest companies that have a tremendous number of subsidiaries in Japan and the rest of the world. The company is one of the top financial giants in Japan and since 2020, it has taken a great interest in the adoption of cryptocurrencies. The firm has even made several investments and has undergone partnerships with cryptocurrencies firms, bringing more exposure to the industry.
The SBI CEO, Yoshitaka Kitao has commented on the benefits of the XRP Ledger in his authored document. Kitao is one of the members of the board at Ripple. He stated that the reason behind adopting and launching NFT related transactions through the Ripple network would be of very high significance.
He stated that the network offers transaction fees at an extremely low level. He added that it would prove to be the best pick and most importantly, it would be based on Ethereum (ETH).
Kitao also talked about the capabilities of the XRP Ledger. He stated that it is not just XRP that the new ledger has the ability to tokenize. The ledger has the ability to tokenize assets other than XRP. He stated that the platform would offer swift transactions that would be really fast.
When it comes to the environment, the transactions would be very efficient, taking place instantly and at very low fees. One of the good features of the platform is that it has the trading capabilities of a decentralized platform and does not go with mining.
Kitao also talked about the significance of tokenization for the XRP Ledger. He stated that for the XRP Ledger, the tokenization process could prove to be a beneficial opportunity. He also stated that they have already a proposal from the community members of XRP supporting the issuance of NFTs. They are completely fine and support the idea of the XRP Ledger having NFTs issued on it.
Kitao also clarified that back in May of 2021, the RippleX team at Ripple has already proposed an NFT model. The new model is promising and offers richer functionalities.