Ripple's XRP Is Being Adopted by Almost Every Japanese Bank: CipherTrace CEO

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Fri, 12/27/2019 - 14:30
Alex Dovbnya
Almost every Japanese bank is starting to work with Ripple's XRP, says CipherTrace CEO David Jevans
Ripple's XRP Is Being Adopted by Almost Every Japanese Bank: CipherTrace CEO
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David Jevans, the CEO of blockchain sleuth CipherTrace, made a bombshell announcement that "almost every" Japanese bank was starting to use the XRP cryptocurrency at the annual Rakuten Technology Conference

"So, there's over 1,600 cryptocurrencies that use blockchain. All of us have probably heard about Bitcoin, some of us about Ethereum. In Japan, almost every bank is starting to work with what is called XRP."

Related You Can Now Buy Ripple's XRP on Binance by Directly Adding Your Visa Card
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Japan's love for Ripple 

Ripple has a strong presence in Japan. Back in 2018, SBI Ripple Asia, a joint venture with Japanese financial service company SBI Holdings, launched MoneyTap. This consumer-focused app that relies on Ripple's technology to allow sending money with the help of a phone number or QR code. 

In early November, U.Today reported about Fukushima Bank forming a partnership with SBI Holdings to use MoneyTap. Prior to that, other major Japanese banks in the likes of Kita-Nippon adopted the Ripple-powered payment solution. 

Ripple's University Blockchain Research Initiative (UBRI) also added the University of Tokyo to the network of its higher educational institutions earlier this month.   

Related Ripple CEO Brad Garlinghouse: "The World Doesn't Need 3,000+ Cryptocurrencies"
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Ripple CEO Brad Garlinghouse: "The World Doesn't Need 3,000+ Cryptocurrencies"

Major banks will trade crypto 

One of the boldest 2020 predictions voiced by Ripple CEO Brad Garlinghouse is that the top 20 biggest banks will hold or trade crypto next year. However, Garlinghouse didn't specify whether it would be XRP.  

That said, 2019 has been truly phenomenal for Ripple. Despite the steep price decline of XRP, the company has surpassed 300 customers this year. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.