SBI Holdings and Russian Banks Partner: How Will Ripple Benefit From This?

The partner of Ripple, Japanese corporation SBI Holdings, reached an agreement with two Russian and Japanese banks. The Russian Direct Investment Fund (RDIF) and the Russian-Japanese Investment Fund are planning to invest in SBS bank, a subsidiary of SBI. This agreement will expand Ripple’s presence in the Asian region. It was signed during a meeting between Russian President Vladimir Putin and Japanese Prime Minister Shinzo Abe.

In January 2018, Ripple Inc. entered into a partnership with SBI Group. In June, SBI launched a virtual currency platform VCTRADE. President and CEO of SBI Group Yoshitaka KITAO noted that SBI believes in the product of Ripple, XRP:

“Not only does it have a clear use case, but XRP is also faster, cheaper and more scalable than any other digital asset,” Mr. Kitao said. “I strongly believe it will become the global standard in digital currencies.”

Russian-Japanese cooperation is aimed at creating smart cities, using advanced technologies and growth of different spheres. Its primary focus is on developing the export base of the Russian Far East and other initiatives that will strengthen trade and economic relations between the two states.

The partnership involves the implementation of large projects totaling more than 1.4 trillion rubles. RDIF plans to establish partnerships and attract international investments from more than 15 countries for a total amount of up to $ 40 bln. Ripple will benefit from this partnership: its decentralized technology will be required.

Image courtesy of RG.ru