No one will deny Ripple’s XRP is a very hot commodity right now. Although not a cryptocurrency, this digital asset is perhaps even more important. It has actual use cases in the real world as of right now. To “reward” the positive momentum supporting this asset, SBI Virtual Currencies will solely list XRP at launch. This is a rather surprising development, for many different reasons. At the same time, it is one of the most liquid assets, thus the choice makes a lot of sense.

Most people are aware of SBI Holdings’ big plans with digital assets. The company has expressed their plans to launch a digital asset exchange in the near future. Under the banner of SBI Virtual Currencies, this platform will undoubtedly attract a lot of attention. That will only become even more apparent once the platform goes live in the near future. One thing worth noting is how only one digital asset will be supported at launch.

SBI Virtual Currencies Banks big on XRP

Contrary to what people might expect, that asset is Ripple’s XRP. It is the most liquid asset in the cryptocurrency world today. Moreover, there is a genuine demand for this native currency from all over the world. SBI Holdings are located in Japan, a region where RIpple is conducting multiple trials. Most of these projects also involve their native asset. Whether or not any banks will effectively integrate XRP, remains to be determined, though. We will know more once the trials have been completed successfully.

It is worth mentioning the platform is already in beta as of January 30th. So far, there hasn’t been much public feedback regarding SBI Virtual Currencies. That isn’t necessarily a bad thing, though. With only two days of running in the books, there’s still a lot of room for feedback and improvements. With XRP is being such a powerful asset, it makes sense for this new platform to pay special attention to it. The platform has to accommodate the demands of its users. Right now, that demand solely focuses on Ripple’s asset, it seems.

Additionally, it seems there is another big development. SBI Virtual Currencies may join the xRapid ecosystem shortly. This new solution is Ripple’s enterprise-grade solution. It will help in sourcing liquidity for cross-border payments. For a company in the position of SBI Virtual Currencies, such a solution can prove to be invaluable. It will be interesting to see how the public responds to this new platform.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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