SBI shows continued support for Ripple, backs XRP Ledger for NFTs

  • SBI backs XRP Ledger for non-fungible tokens and tokenization.
  • Ripple takes a step further into the NFT space by participating in a $13 million funding round for Mintable. 

Japan-based financial services and crypto giant SBI has reiterated its support for Ripple and the XRP ecosystem as a whole. SBI reaffirmed its backing of Ripple and the XRP Ledger in its “Current Management Information Briefing” published on the 29th of June by the company’s president and CEO, Yoshitaka Kitao. 

SBI says XRP Ledger can tokenize XRP and other assets

In the document, SBI said that the Ripple XRP Ledger network is suitable for the non-fungible token (NFT) space. The report added that the XRP Ledger is also fit for “other assets.” Kitao referred to Ripple’s low transaction fees as one of the features that place XRP over other networks in conducting transactions related to NFTs:

The blockchain XRP Ledger has the ability to tokenize not only XRP but also a variety of other assets and has extremely low transaction fees that can be settled instantly with a very low environmental impact because it does not use mining and has decentralized trading capabilities. Tokenization could be an opportunity for the XRP Ledger.

Additionally, the SBI document stated that XRP community members had initiated a “basic standard” for the issuance of NFTs on the XRP Ledger. Kitao noted  that the RippleX team had earlier suggested an NFTs model that could offer “richer functionality.”

According to the CEO, the RippleX team model will be officially adopted following review and voting by the community.

SBI is known to be a fervent supporter of Ripple. An SBI subsidiary, Morningstar, has been paying dividends to shareholders in XRP. Morningstar started paying dividends with XRP in 2019 when the crypto was hovering around $0.25. In an official announcement in March this year, Morningstar revealed that it would be paying year-end shareholder dividends using XRP. 

In addition to the continued support that SBI has been giving Ripple, the Japanese company publicly backed Ripple on its legal battle with the US Securities and Exchange Commission (SEC). SBI CEO earlier welcomed Ripple to relocate to Japan if the company was forced out of the US. 

Ripple participates in Mintable Series A funding round

Ripple has rooted itself firmly in the NFT space with its latest investment in the NFT marketplace Mintable. Ripple is one of the prominent names that participated in Mintable’s Series A funding round. The NFT marketplace revealed that it secured $13 million in the recently-concluded financing round. 

The CEO and founder of Mintable, Zach Burks, referred to the rapid expansion of NFT in the last couple of months. Burks mentioned NFT increasing adoption across several sectors, including sports, entertainment, arts, and more. As stated in the announcement, Mintable plans to advance its operations with the acquired funds. The marketplace intends to boost its growth and user acquisition initiatives. He continued:

As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable and we are thankful for the support from our investors who hold the same shared belief of the many opportunities that NFTs can bring among mainstream users.

Some of the renowned participants in the financing are John Kim of Expedia Group, 7 0’Clock Capital and Double Peak. Others are Digital Finance Group, Spark Digital Capital, 640 0xford Ventures, Reimagined Ventures, and 840 Venture Partners. 

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Bio: Ibukun Ogundare is a crypto writer and researcher who uses non-complex words to educate her audience. Ibukun is excited about writing and always looks forward to bringing more information to the world.

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