Ripple to work in Russia through partner SBI

Bitseven.com – SBI Holdings located in Tokyo and providing financial services, recently signed up an agreement with Russian-Japanese Investment Fund and Russian Direct Investment Fund on investing in its subsidiary SBS Bank.

News about this deal are important for the cryptocommunity, because of Ripple being a partner of SBI. Signed by Shinzo Abe, Premier Minister of Japan, and Vladimir Putin, President of Russia, during their meeting, this agreement is meant to expand Ripple’s integration into markets of Asia.

At present, SBI is in process of relaunching their business model in order to transform into a universal bank, providing clients with the most complete and relevant range of services, based on modern financial technologies.

In January of last year money transferring Network as well as cryptocurrency, Ripple got partnered with SBI Holdings for introducing Ripple as a payment on Asian markets.

Further in June 2018 CEO of SBI Yoshitaka Kitao launched a digital currency platform in their bank. At launch XRP was only supported currency, however BTC and BCH are in plans for adding. In addition, the holding structure has a division that investigates and invests in extraction of digital currencies. Bank also provides services designed for various cryptocurrency exchanges and ICO.

“Not only does Ripple have a clear business plan, XRP is also faster, cheaper and more scalable than any other digital asset. I firmly believe XRP will become the global standard in digital currencies,” – commented Kitao.

The Russian-Japanese cooperative business is aimed on creating smart cities, green technologies, using innovations and developing industry. The emphasis of Japanese-Russian agreement is on expanding export base of Russian Far East, and any other initiatives that will strengthen relations between the two countries.

Let’s recall that this month Euro Exim Bank highly rated speed and security of transactions in the RippleNet.