SBI Group CEO Yoshitaka Kitao, who also leads SBI Ripple Asia, has stated that he sees the XRP token becoming a global standard for cryptocurrencies and fiat money, writes CryptoGlobe.
Kitao’s company, the Strategic Business Innovator Group, is a financial services company group based in Tokyo, Japan and is listed on the Tokyo Stock Exchange.
While speaking at the Japan Blockchain Conference recently, he praised blockchain technology, predicting that it would sustain its growth into the future but was less complimentary towards Bitcoin which he regarded as “too expensive”. He went on to suggest that the crypto giant had become simple a speculative asset which users hoped would increase in value.
Ripple, he maintained, was a “battle tested” product, efficient in processing cross-border transactions and capable of solving many of the existing problems related to international payment processing by using XRP.
Kitao sees distributed financial technology as transformational in terms of its place in the Asian financial infrastructure and cited Ripple’s cooperative programs currently in place with top banks in the Asia Pacific region.
SBI clearly has a bullish stance on XRP running an initiative called SBI Ripple Asia since 2016 which has the world’s third highest GDP of nearly USD 5 trillion. Its CEO calls for a utilitarian stance on cryptocurrency as he sees the opportunity to do so often is sacrificed to making purely making profits:
“We want to take blockchain beyond financial. There’s a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’’s businesses.”
Despite his vocal critique of Bitcoin at the conference, he lists the flagship digital currency on SBI’s newly-opened exchange, SBI Virtual Currencies, along with Bitcoin Cash (BCH) and XRP.
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