- Yoshitaka Kitao, CEO of the SBI Holdings, said that Japan is most likely to become Ripple’s new headquarter
- The blockchain-based firms of Japan have made this possible.
- SBI holding is one of the major Ripple investors, and Kitao is a member of its Board
Kitao said that
japan’s blockchain-based payment firms have attracted Ripple and threaten to shift their office from Sanfransico. Ripple was earlier planning to leave the US and was undecided between Singapore and Japan. Garlinghouse, CEO of Ripple, also added that Switzerland, the UK, and the United Arab Emirates are also on the list because these countries also have a transparent crypto regulatory framework.
Reasons to Leave the US
The US has different opinions on crypto and its existence. They are undecided whether cryptos are a commodity, a property, a currency, or some security. Ripple is also facing a legal fight with investors who feel that the company has violated the US state and federal securities laws by selling XRP. The firm still believe that although they own a large amount of XRP, the network they used to settle this transaction is decentralized. Moreover, the US had a “regulation through enforcement” and is quite behind in preparing for the so-called cryptocurrency-based future generation of the global financial system.
Ripple also added that purchasing the XRP was not a type of investment in this firm as there is no common enterprise between XRP purchasers and Ripple. We have also never promised that Ripple would help to generate profits for their XRP holders.
Ripple has an active presence in
japan through his partnership with SBI, which is a major financial service group in the country. Both are planning to launch SBI Ripple Asia, which will provide blockchain-based payment service to the country’s financial institutions.
Japan is one of the fastest-growing markets, and its partnership with the SBI has added the interest to move to Japan, said, Garlinghouse. SBI holdings had also announced that Ripple had completed investing in Japanese payments company MoneyTap as a plan to manage Ripple-powered settlements across ATMs of Japan. This has been done to provide customers with easier and efficient access to Japanese ATM funds without the need for any bank affiliation. Considering all the above factors it can easily be judged what will be the next step of the Ripple.