Saturday, May 21, 2022
Home Crypto News Market Ripple Bags Japan's First E-Commerce Adoption, as XRP Will be Utilized to...

Ripple Bags Japan’s First E-Commerce Adoption, as XRP Will be Utilized to Purchase Used Cars on SBI Motors

- Advertisement -
Follow-Us-On-Google-News

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.”

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.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Can Pac-Man Frog (PAC) Outperform ApeCoin (APE) And Theta Network (THETA)?

Cryptocurrencies are all anyone has been able to talk about for the past couple of years. They are an innovative way of thinking about...

Secure DeFi Protocols: Calyx Token (CLX), Chainlink (LINK), and Aave (AAVE)

An ongoing prevalence of hacks, attacks, and exploits within the cryptocurrency space highlights the importance of verifying the security and integrity of a protocol...

Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

Terra Team Warns Community to Beware of Malicious Proposals, Says No Decentralized Application Has Launched on Terra 2.0. ...

CZ On Terra (LUNA): “Most Stupid Design Flaw Is Thinking Minting More Of An Asset Will Increase Total Value”

  Binance CEO: Terra Had The Chance To Save Luna And UST When The De-peg Was At 5% But They Failed To Act.

Ethereum Co-Founder Vitalik Buterin Says He Is No Longer A Billionaire

The Ethereum exec was also affected by last week’s cryptocurrency dip that wreaked havoc on investors.  window.coinzilla_display...

Market Pundit: UST And Terra (Luna) Collapse Is NOT An Indication That Crypto Market Is Ending

  Crypto Market Is Not Ending Because Of Terra. window.coinzilla_display = window.coinzilla_display || ; var...

Another Top American Exchange Halting Terra USD (UST) Trading After Coinbase

Gemini follows Coinbase to halt UST trading. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.