XRP should be practically used by Ripple and r3, says SBI CEO Yoshitaka Kitao

Ripple and XRP’s partnerships and updates have captured news headlines for quite some time now with the standout example being r3’s tie-up with the Brad Garlinghouse-led Ripple. Ripple has also been involved in partnerships with major banking conglomerates like SBI, the largest banking group in Japan.

In a recent discussion by SBI, Yoshitaka Kitao, the CEO of SBI spoke about the partnerships and what it effectively means for the field of cryptocurrencies. He said that the main plan was to conduct full scaling increasing of financial services using Corda and XRP. Kitao further added that the tie-up will reconcile and make the joint venture with XRP. In his words:

“The SBI r3 Japan will be established with the latest move. R3 has over 300 partners that will enable this to become very fruitful. R3’s Corda is a distributed ledger technology who’s provisional introduction is being supported by us. What’s important is to make sure XRP is practically used by r3 and Ripple.”

According to the financial bigwig, the main focus right now is international money transfer and other areas such as international remittances. Kitao further added that r3’s Corda and XRP has a great affinity and the two can be used together for useful functions. He candidly admitted that SWIFT’s partnership with r3 may have upset Ripple but in his opinion was great news which resulted in the market going up by 13 percent. He also said:

“SWIFT conducts almost 15,000 transactions everyday with over 10000 established partners. They have the technology and even SWIFT has recognized that they reached their limits. They have done everything they can and with the r3 tie-up they have done the cost can be reduced significantly.”

Yoshitaka Kitao also stated that SBI will work together with regional banks and the processes can be transformed using r3’s Corda.

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