1/ Ripple investor SBI's capital tie-up with Sumitomo portends big things, potentially for XRP, even. There are a number of connected events that bear consideration; an SBI/Sumitomo/#XRP megathread. (sorry 😅)
asia.nikkei.com/Business/Finan…
asia.nikkei.com/Business/Finan…
2/ The specific fund Sumitomo invested in, OpenLegacy, is one used to revitalize aging Japanese banking by supporting API integration of core banking platforms.
SBI invested $20m in January specifically noting banks can integrate with MoneyTap.
verdict.co.uk/retail-banker-…
SBI invested $20m in January specifically noting banks can integrate with MoneyTap.
verdict.co.uk/retail-banker-…
3/ It's pretty clear Sumitomo is courting a younger online audience by buying 20% of the shares of SBI Neo Mobile Securities sometime in June. Their core clientele is an aging population. Though not announced, MoneyTap would serve them well.
4/ The investment in SBI NeoMobile may provide these younger consumers incentive to use SBI's other products because of the T-Points rewards. This is not insignificant in Japan and is also something MoneyTap integrates. From SBI's quarterly report:
5/ Other important mobile apps use T-Points; PayPay, T-Point App, Line, Google Pay - and MoneyTap.
Along with MoneyTap, SBI joins PayPay & and has an alliance w/ Z Holdings/Line making connecting to SBI ventures potentially more valuable for mobile crowd.
Along with MoneyTap, SBI joins PayPay & and has an alliance w/ Z Holdings/Line making connecting to SBI ventures potentially more valuable for mobile crowd.
6/ Something else SBI and Sumitomo are (relevantly) both invested in? The crypto Exchange FX Coin which began account openings last week. Though they are using BTC at first they state they will add XRP.
Then they said something startling about #XRP -
news.fxcoin.jp/news_detail/?i…
Then they said something startling about #XRP -
news.fxcoin.jp/news_detail/?i…
7/ The Senior Strategist said,"In order to establish the Swap market & expand usage for the purpose of actual demand, we will proceed w/ the demonstration experiment of domestic remittance & overseas remittance through XRP" 👀
/insert is this ODL? .gif/
jp.cointelegraph.com/news/fxcoin-is…
/insert is this ODL? .gif/
jp.cointelegraph.com/news/fxcoin-is…
8/ So a lot of mobile roads in Japan running through SBI, drawing from older banks providing easy entry into digital banking. By connecting these banks with SBI's apps/ventures/co's, they push back against fintech encroachment & SBIs strategy grows more important.
9/ So what of XRP? Remittance-more apps using MoneyTap, whitelabeled or not, as well as more mobile crypto trading apps. In the big picture great potential for ODL, even some domestic settlement(!). SBI's network effect add a lot of XRP liquidity to the system.
