“Almost every bank in Japan uses Ripple and XRP” – clarification

  • David Jevans said at a recent conference that almost all banks in Japan use XRP or Ripple to process transactions.
  • However, due to the rapid viral spread of a short sequence of his lecture, he responded to Twitter and clarified the situation.

At a recent online conference held by the Japanese online retailer Rakuten, new technologies and means of payment such as Bitcoin, Ethereum or XRP and their potential for companies and everyday use were discussed. In this context, a statement on Twitter spread like a purgatory, but it was not completely correct.

Will all banks in Japan really use Ripple and XRP soon?

The CEO of CipherTrace, David Jevans, spoke as a guest speaker at a Rakuten hosted event a few days ago about the current situation of cryptocurrencies and their integration within large companies like Rakuten. During this event a video spread, where he allegedly said that almost every bank in Japan will use XRP. It is this short sequence:

Jevans exact wording was as follows:

So, there’s over 1,600 cryptocurrencies today that use blockchain. All of us have probably heard about Bitcoin. Some of us about Ethereum.

In Japan, almost every bank is starting to work with something called XRP. You may know it as Ripple. And there’s many others.

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The Ripple community was initially divided and quickly tried to make it clear that Jevans is not part of Rakuten, as wrongly mentioned in the video. Furthermore Jevans describes that the banks “work” with XRP and do not “adapt” it. This is a subtle but big difference. Due to the high media exposure and because almost 100,000 people saw the tweet above, David Jevans replied on Twitter and clarified:

This is a remark I made at a Japanese conference in Tokyo, and refers to Japanese banks. “Working with” means experimenting, evaluating, testing or deploying. I did not say “adopt” (view the video). My comments reflect the Ripple offerings not just XRP.

By “Ripple offerings”, Jevans is referring to the payment solutions offered by Ripple, such as On-Demand Liquidity (ODL), formerly known as xRapid. ODL is a complete solution for companies that can be used to process cross-border payments quickly, transparently and at low cost. As part of this software solution, XRP serves as a bridge currency to move capital from one place in the world to another. However, Ripple also offers other solutions without XRP.

While Ripple is seeking to further strengthen its presence in Japan, not every bank is currently using Ripple or XRP.

Ripple and SBI Holdings cooperate

The banking giant SBI Holdings is already a long-standing Ripple Partner and announced in November that it will process payments from Japan to Southeast Asia using ODL. The SBI Remit platform uses MoneyGram’s payment network to process transactions in more than 200 countries at over 350,000 locations worldwide.

Once ODL is implemented across the board, it is expected to account for up to 50% of the total transaction volume of the Ripple network, SBI Holdings said. Ripple has also announced that it intends to strengthen its presence in the Brazilian market. Luiz Antonio Sacco, the head of Ripple Brazil, said that 30% of the total transaction volume of the Ripple network is already used for payment corridors to and from Brazil.

XRP’s price has continued to move sideways (+1.89%) over the last 24 hours and is quoted at USD 0.1962 at time of writing.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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