Investor interest around Ripple and the new cryptocurrency, XRP, is on the rise. The company isn’t shy about their impressive list of clients and is continuing to hint at other relationships that are currently in the works. Ripple’s international expansion will substantially impact the cryptocurrency market; here are the latest updates:
Ripple and Japan
Unlike most other Western companies, Ripple is making a lot of progress in its efforts to expand into Asia. In typical Ripple fashion, the company is carving out a path of its own by partnering with SBI Holdings to tap into the region’s growing interest in Blockchain technology. Setting up a solid foundation in Japan will facilitate a move into China – a market which presents enormous B2B payment opportunities.
Ripple has been drip-feeding comments on Twitter of their Chinese expansion, new backers to the project and their upcoming Swell Conference to raise both investor awareness and excitement for their international growth. In addition to the progress already made, Miguel Vias, Head of XRP Markets at Ripple, hinted that further partnerships are in the works.
Furthermore, the company recently hosted an interview with Mr. Yoshitaka Kitao, CEO of SBI Holdings, to promote the development of the company’s relationships with traditional financial institutions. He highlighted the success of the joint venture, claiming that shortly after the partnership was announced “we launched a consortium of 61 banks, including the top in Japan to use Ripple for both domestic and cross-border payments.” Notably, this syndicate of banks covers around 80% of Japan’s banking assets.
It’s worth keeping in mind that the majority of Ripple trading is still being conducted between XRP/KRW (South Korea’s currency), meaning the sentiment of traders in the region have a higher effect on the value of the cryptocurrency. As excitement about Ripple’s expansion into Asia builds, investors can expect a subsequent increase in demand to be fueled by Asia’s cryptocurrency investors.
Ripple and UAE
UAE Exchange has expressed interest in partnering with Ripple to help with remittances in the region to improve issues around transaction speed and security. Considering over 70% of workers in the UAE are expats, helping remittance operators such as the UAE exchange with cross-border payments is a smart move. Despite facing competition from Swift in the remittances space, Ripple is making serious progress.
Ripple and the USD
One should keep an eye on the upcoming jobs report, which will be released this Friday. If the report isn’t as promising as some investors are expecting, cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple may benefit from a selloff of USD as investors look for other profitable assets.