SBI Holdings Confirms Ripple’s Plan To Relocate in Japan

Vandana  |  Oct 29, 2020

Yoshitaka Kitao, CEO of SBI Holdings, has recently confirmed Ripple’s plan of relocating its headquarters to Japan. This has been revealed during a quarterly briefing that took place on October 28, 2020. 

Brad Garlinhouse, CEO of Ripple, has earlier announced his plans of moving its headquarters out of the U.S. He stated regulatory restrictions and its unclear status as the major hurdle for the firm. Yoshitaka Kitao confirms Japan as the most preferable location for Ripple. 

Ripple Also Invested in SBI Holdings Joint Initiative

Another step that indicates Ripple’s plans for moving its headquarters to Japan is its recent investments. The firm has recently invested a good share of money to one of the joint initiatives of SBI Holdings, MoneyTap. This is one of the biggest projects which has already managed to gain investment from 38 Japanese banks which includes several prominent ones as well. It is a project that will facilitate both peer-to-peer and peer-to-business transactions. Along with this, the app might also help to facilitate the QR payments in the corporate remittances as well. 

Working on Issuing Regional Digital Currencies

SBI Holdings is working on another project to issue regional digital currencies. For this, it is working with many of its partners that also includes Chikuho Bank and Kyushu Electric. All of them are focusing to make these regional currencies for the different regions of Japan. Kitao also talked about the S coin platform and mentioned that MoneyTap will help to conduct direct payments from any bank to the coin’s platform. Kitao mentioned the acquisition of a minority stake in B2C2, a UK based crypto market maker. He also highlighted the global nature of cryptocurrency by stating, “for the cryptocurrency business, globally, whether it would be Bitcoin or XRP. This is something that is global...All ecosystems need to be made globally.”

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