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Japanese Megabank’s Potential Investment In SBI Holdings Could Be Positive For Ripple

John Deaton, the creator of CryptoLaw and a well-known crypto enthusiast and XRP supporter, offered his thoughts on recent reports that Japanese megabank – Sumitomo Mitsui Financial Group Corporation (SMFG) may buy a stake in SBI Holdings, a significant Japanese financial institution. The deal’s estimated value is 590 million dollars.

Japanese Megabank’s Potential Investment In SBI Holdings Could Be Positive For Ripple

Given SBI Holdings’ connections to the cryptocurrency business, Deaton believes the transaction could have a favorable long-term effect on Ripple (XRP). SBI is a significant XRP investor, and Yoshitaka Kitao, the head of the financial organization, is a well-known supporter of Ripple who even served on the board of the cryptocurrency company for two years.

Japan’s largest financial institutions getting ready to use crypto?

Japanese Megabank’s Potential Investment In SBI Holdings Could Be Positive For Ripple

First of all, it is important to clarify that SMFG’s ambition to buy a 10% stake in SBI Holdings‘ operations is intended to boost the company’s position in the securities services market. SMFG’s assets are believed to be worth $2.2 trillion.

If it goes through, the merger will continue the 15 years of collaboration between the two prestigious Japanese financial corporations. It’s also important to note that two conglomerates jointly invested in Ripplenet Moneytap, one of Ripple’s products.

Perhaps the two Japanese financial behemoths’ growing ties are laying the groundwork for the country of Japan to adopt and employ blockchain technology and cryptocurrencies on a much larger scale. Given SBI’s investment in Ripple (XRP), which is widely regarded as the finest in the creation and application of corporate crypto solutions, the deal in this instance appears to make a lot of sense.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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