Ripple’s Blockchain Adopted by 80% of Japanese Banks

Ripple’s Blockchain Adopted by 80% of Japanese Banks

YEREVAN (CoinChapter.com) — A recent study by Dr. Hossein Hassani and experts Xu Huang and Emmanuel Silva reveals that Ripple has partnered with around 80% of Japan’s banking industry. Notably, over 60 Japanese banks have adopted Ripple’s technology, marking significant integration of blockchain into traditional finance in Japan.

Ripple’s Dominance in Japan’s Banking Sector. Source: The ISO GOAT

Despite ongoing legal issues with the U.S. Securities and Exchange Commission (SEC), which have caused hesitation among American banks, Japanese banks remain committed to Ripple. This support reflects the trust these banks have in Ripple’s offerings. Dr. Hassani’s research indicates Japan’s banking sector is prepared to adopt modern technologies to improve their operations.

Ripple’s Blockchain Boosts Japanese Banks

Ripple’s On-Demand Liquidity (ODL) system, now called Ripple Payments, offers key benefits such as reduced transaction costs, faster processing times, and enhanced transparency. Fundamentally, these features align with global banking goals of improving efficiency and customer service.

The adoption of Ripple Payments by Japanese banks highlights a trend in the global financial industry. The shift towards blockchain technology shows an effort to modernize financial services and meet the demands of a digital economy. Ripple’s success in Japan may influence other markets.

Partnership with SBI Holdings and XRP Performance

Notably, one of Ripple’s most notable collaborations is with SBI Holdings, a major Japanese financial conglomerate with multiple subsidiaries. Formed in 2016, the SBI-Ripple partnership led to the creation of SBI Ripple Asia. This venture has integrated Ripple’s payment infrastructure across SBI’s subsidiaries, facilitating efficient cross-border settlements.

Additionally, amidst the expanding partnerships, XRP was trading at $0.524 at the time of the report. The asset recorded a 0.42% drop over the last 24 hours, indicating a period of consolidation. Despite this minor decline, XRP‘s price stability suggests a steady phase for the cryptocurrency.

Source: CoinMarketCap

Above all, the ongoing legal issues with the SEC have not deterred Japanese banks from embracing Ripple’s technology.