SBI Group Boss Endorses Next Step for Ripple Payments

Yoshitaka Kitao, the head of the Japanese SBI Group behemoth, has taken to social media to support SBI’s partner, Ripple, and share a press release from the Ripple team about the next steps for the Ripple Payments solution and the crypto industry's prospects for the next four years.

The article is titled “Crypto Momentum in the US.”

Crypto momentum in US and institutions joining in

Now that the political leadership in the U.S. has radically changed, the crypto community expects many significant developments for the industry in the country during the upcoming four years. Ripple also promises various advances to its solution for cross-border payments.

Now that U.S. financial institutions are willing to make profits on crypto, they are rapidly embracing it, diversifying their portfolios and adding various digital assets to them. Cross-border payments powered by crypto has proved one of the most valuable solutions that global financial leaders can benefit from. The percentage of institutions that believe in the bright future of blockchain and crypto and their large impact on finance continues to grow.

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Ripple secures new licenses

The press release reveals that, recently, Ripple has received 50 crucial Money Transmitter Licenses in the U.S. – in New York and Texas. In these two states, Ripple’s presence has been quite strong due to high demand for real-time international payments not only from crypto companies but also from conventional banks.

Ripple has been granted more than 60 licenses for the rest of the world and offers clients fast, low-cost payment transfers worldwide. The press release states that banks are gradually losing a significant part of their market share to new players entering the market with crypto solutions. 

Besides, the company has noticed increased demand for leveraging stablecoins and reacted to it last year by launching its own product – the Ripple USD (RLUSD) stablecoin pegged to the U.S. dollar.

In addition to expanding its licenses and product range, Ripple continues to rely on the U.S. for its staff—75% of open jobs are for its branches based in the U.S., and, according to the press release, “domestic hiring has doubled compared to 2023.” In 2024, the company expanded its offices in New York and San Francisco.