Crypto payments firm Ripple and Japanese financial giant SBI Holdings subsidiary announced a strategic partnership on Tuesday. The company will help increase the use of XRP Ledger and issue non-fungible tokens (NFTs) on the blockchain, boosting the adoption of XRP in the community.

SBI and Ripple Expand Partnership for XRP Adoption

In a press release on August 13, SBI Digital Community Co., a subsidiary of SBI Holdings, revealed the plan to promote XRP Ledger in the web3 community. The move comes after a strategic partnership with Ripple Labs.

XRP Ledger is a public blockchain that enables fast, low-cost, and sustainable cross-border payments such as Ripple Payments. The company also contributes to the open-source development of this blockchain.

“Through this strategic partnership, we will increase the opportunities for individual users to use the XRP Ledger through “Bto3 Web3 community operated by SBI Digital Community, and work to popularize the XRP Ledger.”

The web3 community will also issue non-fungible tokens (NFTs) on the XRP Ledger. It will also help support users in learning about the blockchain and Ripple. The web3 community plans to use NFT marketplace xrp.cafe for the distribution and buying and selling of NFTs. In addition, the SBI Digital Community will pay XRP rewards to creators and other contributors.

SBI Holdings Support to XRP

Ripple’s partner SBI continues to expand its crypto presence. including supply chain, new remittance corridors, and mobile payment applications. The company also plans to put Ripple and XRP in the spotlight at the 2025 World Expo.

In addition, SBI recently announced plans to establish an investment management company with Franklin Templeton to enter Bitcoin ETF market. However, the current stance of the Japanese top final regulator remained cautious on the Bitcoin ETF approval.

XRP price jumped 1% in the past 24 hours and 14% in a week, with the price currently trading at $0.57. The 24-hour low and high are $0.560 and $0.578, respectively. Furthermore, the trading volume has decreased by 21% in the last 24 hours, indicating a decline in interest among traders.

The post XRP News: Ripple and SBI Holdings Subsidiary Announce Strategic Partnership appeared first on CoinGape.

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Filed under: News - @ August 13, 2024 3:57 pm