Ripple XRP And Japan's Fourth Megabank Concept
Ripple's popularity in Japan is soaring. According to Hiroyuki Mihara - The Chief Operating Officer of Bitbank, Japan's largest cryptocurrency exchanges, the reason behind this popularity is due to Ripple's relationship and partnership with leading financial companies. Ripple is basically building a very strong financial network in the country of the rising Sun.
Japan is slowly emerging as the worlds biggest cryptocurrency market following the long-standing partnership between Ripple and the Strategic Business Innovator Group (SBI) - a financial giant. Following Ripples strategy of collaboration with various financial institutions and banks, Ripples XRP is currently Japans most popular cryptocurrency. The company's efforts to popularize their ripple coin and blockchain in the finance and payment industry continue to bear fruit. Equally important, a petition to make Ripple XRP the official cryptocurrency of Japan in the 2020 Olympics was flushed by change.org. The petition was started in 2018 by Ken Takahashi, and it has been signed and supported by 14,110 people so far.
In the meantime, Yoshitaka Kitao - the president of SBI Holdings, mentioned a something called the "fourth Megabank concept" during a recent FINSUM 2019 Event. The fourth Megabank concept seeks to employ Fintech solutions such as RippleNet. The event was organized by Japans Financial Services Agency (FSA) and NIKKEI INC. It is also important to note that Ripple is soon going to be debuting it yearly conference called Swell. Many crypto enthusiasts believe that Swell will influence the price of XRP. We can only wait and see whether there will be a boost in XRP value.
Meanwhile on the American stock exchange – Nasdaq, has created a new index that seeks to offer market information about blockchain projects that are operating in the decentralized finance (DeFi) space. The new index is Called Defix and is listed by NASDAQ under the ticker DEFX. It can be tracked on TradingView and Google. Dedicated indices for XRP are available as well as other crypto indices from CryptoCompare.
Since MoneyGrams partnership with Ripple was made official in June, the money transfers company stock has made tremendous progress. This can certainly be seen as a very positive ripple effect on the MoneyGram stock price. Indeed, at the time of writing the stock has gained almost 350% and is still expected to rise. While it's not clear what has led to the significant gain, a cryptocurrency analyst has tried to explain the phenomenon. He says that the increase is an indication that Wall Street has begun to have an interest in digital currency. Wall Street has been known to be anti-cryptocurrency due to the regulatory concerns surrounding cryptocurrency. There have also been claims that wall street is against digital currency due to its potential to change the financial market.
Finally, Coil – A Ripple backed content platform, continues to help content creators make money. Coil is similar to Mediums web monetization, where writers are paid based on how many viewers engage with their stories. Coil has enabled donations to YouTube channels, individual sites, and even Twitch – the popular streaming channel. According to XRPTipBot, coil users have been tipped over 8500 XRP since February 2019.
In summary it is clear that Ripple is making to make significant inroads in both Asian and American markets. For Ripple XRP investors, this is excellent news. The continued adoption of Ripple's blockchain and its possible role within the Fourth Megabank Concept bodes very well for the growth of the company. We can certainly expect the number of people investing in xrp coin to rise in the coming weeks.