SBI Clients Can Now Buy Used Cars Using Ripple (XRP) and Bitcoin (BTC).
The initiative further increases XRP’s utility, which has been on a downtrend since the SEC slammed a lawsuit against Ripple.
SBI Motor Japan, a subsidiary of SBI Africa Co., Ltd., has announced that its customers can now make payments for used automobiles using Bitcoin (BTC) and Ripple (XRP).
According to a press release by the company, the development marks the first time Ripple cryptocurrency will be deployed on a cross-border e-commerce website in Japan.
Notably, the BTC and XRP transactions will be settled through SBI VC Trade Co., Ltd, the SBI Group’s cryptocurrency exchange.
“We are pleased to announce that our company has started supporting crypto assets [BTC and XRP] settlements on the cross-border [e-commerce] site SBI Motor Japan,” Tomoya Kitagawa, SBI Tokyo’s Representative Director, said.
SBI to Combat Money Laundering & Terrorist Financing
The exchange, according to SBI, will adopt relevant security measures in a bid to combat money laundering and terrorist financing that may arise via these cryptocurrency transactions.
Furthermore, SBI also disclosed that it is currently monitoring and examining its business partners to ensure that they comply with the AML and the company’s rules.
SBI noted that aside from supporting BTC and XRP settlements, it will continue to support other important initiatives that meet the needs of its growing customers.
Reason Behind the Initiative
It is noteworthy that the SBI’s EC site provides used car information to its major export destinations such as Zambia, Kenya, Tanzania, as well as other African and Caribbean countries globally.
Per the announcement, the development comes following the growing demand for cryptocurrencies in developing nations, especially in Africa, where people still do not have access to basic financial services.
Citing a 2017 World Bank survey, SBI noted that over 1.7 billion adults still cannot gain access to basic financial services and it has continued to deprive them of participating in useful initiatives.
Based on this, cryptocurrencies have been widely adopted in these countries as an alternative to traditional payment methods.
Although SBI Motor Japan will commence the acceptance of XRP and BTC payments, the company disclosed that it will be adding other cryptocurrencies to the list in anticipation of the growing demand for crypto payments.
SBI’s Initiative increases Ripple’s Utility
The development was further announced by one of Ripple’s enthusiasts on Twitter, who celebrated the achievement by saying:
“Japan’s first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mostly to Africa. #BTC will be the other crypto assets accepted. @yoshitaka_kitao keeps putting XRP utility in play.”
Japan's first #XRP payment support on the e-commerce site by SBI Motor Japan. They export about 5,000 used cars annually, mostly to Africa. #BTC will be the other crytpo-asset accepted. @yoshitaka_kitao keeps putting XRP utility in play.https://t.co/MYfcofN3XE
— ☀🌸CryptoEri 196k+ Followers (beware of imposters) (@sentosumosaba) May 9, 2022
The development comes as Ripple is still undergoing a lawsuit in the United States for allegedly breaching security laws via its XRP offering.
The lawsuit has dealt a major blow to the cryptocurrency and to XRP holders who have seen major crypto-related businesses halt support for the digital currency.
XRP utility will increase and possibly boost the coin’s value with the latest development.