Ripple’s Japanese Partner to Trial XRP in the Forex Market
SBI Holdings, a Japanese financial heavyweight and a Ripple investor, is trialing XRP in partnership with FXcoin Ltd for fiat currency swaps, Nikkei reports. Ripple is a for-profit firm behind an enterprise blockchain solution aiming to create an internet of value enabling cheap and seamless flow of capital across the globe. Their piloting in the multi-trillion FX market could signal a profitable use-case for XRP and is supportive of prices.
The RippleNet is a suite that connects financial institutions allowing them to use any of the three options presented by Ripple. One of them is the On-Demand Liquidity (ODL) that uses XRP for cross-border fund transfer. SBI Holdings, in collaboration with the exchange, now wants to integrate XRP with the hopes of slashing transaction costs and improving efficiency since XRP settled currency swaps can be completed in seconds. If the solution is feasible and XRP becomes the center-piece of the FX market, it could offer massive support for the Ripple price.
Impact on the XRP Price:
Neutral to bullish. The project is a trial but eventual success will, as aforementioned, be a shot in the arm for XRP prices stuck in consolidation for the better part of the year.
More market updates on our Blog