Ripple's XRP Being Adopted by Most Japanese Banks

Ripple’s XRP Being Adopted by Most Japanese Banks

Disclosure

Updated: 06 September 2021

The information provided on Inside Bitcoins is for educational and informational purposes only and should not be considered financial, investment, or trading advice. Cryptocurrency markets are highly volatile, and investing in digital assets carries significant risk. No profits are guaranteed, and you may lose some or all of your investment. Always invest responsibly and only with funds you can afford to lose.

Join Our Telegram channel to stay up to date on breaking news coverage

Ripple’s XRP cryptocurrency has been a bit of a point of contention for most in the industry. Some believe it is a scam, while others swear by it. However, it appears that in Japan, almost every bank is looking to adopt it, reports U.Today.

Speaking on the matter is the CEO of CipherTrace, a company that “helps businesses and government make cryptocurrencies safe and trusted,” who appeared at the yearly Rakuten Technology Conference:

“So, there’s over 1,600 cryptocurrencies that use blockchain. All of us have probably heard about Bitcoin, some of us about Ethereum. In Japan, almost every bank is starting to work with what is called XRP.”

This is interesting news, considering the fact that Ripple Labs, the company behind XRP, has wanted just that. The goal with the project has always been to work with banks and ensure that they’re on Ripple’s blockchain technology and using that to secure international transactions in a quick and efficient way. If this is happening in Japan, it’s likely that this will expand to other countries as well.

On top of all of this, Ripple just announced a new funding round for its projects. It appears that the company raised up to $200 million from Tetragon, among other companies, as InsideBitcoins has previously reported.

Join Our Telegram channel to stay up to date on breaking news coverage