SBI Holdings, a Japanese financial services company, has declared its full support for Ripple.
The company claims that in Japan, XRP is just a cryptocurrency and its nature is guaranteed by law.
In the rest of the world, however, several exchanges have removed XRP from their platforms
Not everyone is against Ripple, at least not in Japan. Its partner and Japanese market giant, SBI Holdings, has said it fully supports Ripple’s expansion in the Asian country.
According to the company, the SEC’s view that XRP is a stock is not unanimous among governments in all countries. Among them is Japan.
In a statement released Monday, December 28, the SBI company claims that XRP is just a digital currency. In addition, the company confirms that the country’s regulations guarantee a basis for this prospect.
To substantiate its statement of support for Ripple, SBI cites a recent article written by researcher Sadakazu Osaki. The latter, an analyst at the Nomura Research Institute, Japan’s largest economic research firm, said:
XRP is widely traded by cryptocurrency asset exchange companies in Japan. According to Japanese law, XRP is a “crypto asset” within the meaning of the Fund Settlement Act. A conclusion has been drawn that it does not fall under “titles”.
SBI is aware that the SEC’s lawsuit against Ripple goes against its views. Its representatives say there is no reason to remove XRP from exchanges in the country.
Partnerships are maintained
Ripple has developed partnerships since October with SBI Holdings, a Japanese financial services company.
Among them, Ripple plans to integrate its RippleNet technology into the payment platform of the Japanese company SBI MoneyTap. The idea was thus to reduce the costs of transfer in the country.
Additionally, the company’s post confirms that XRP will continue to trade normally on the company’s trading platform, SBI VC Trade. The partnership between the two companies notably allowed esports players to receive salaries in XRP for the first time in history.
Finally, the Japanese conglomerate confirms that it invests in Ripple stocks, but not directly in XRP. Therefore, the company says it will not be directly affected by the SEC lawsuit, according to an excerpt from its post:
Although the group invests in Ripple stocks, it does not invest directly in XRP. […] The decline in the price of XRP has virtually no negative effect on our consolidated trading results.
Support from SBI Holdings is an exception
Despite the strong support Ripple has received from SBI Holdings, the company finds itself all but abandoned in the crypto market. Day after day, the major exchanges are announcing that they are going to remove cryptocurrency from their trading lists .
Bitstamp’s announcement to remove XRP from the platform from January 2021 has perhaps had the most impact to date, as it is one of the largest exchanges in the world.
Other exchanges such as OSL, CrossTower, Beaxy and Hashdex in Brazil have also announced the withdrawal of XRP from their platforms. Under close SEC scrutiny, these exchanges fear that the interconnection of XRP could end up negatively impacting their platforms.