Ripple blockchain has been adopted by Japanese banks

According to the latest research by Dr. Hossein Hassani and experts Xu Huang and Emmanuel Silva, Ripple has established partnerships with about 80% Japanese banks. It is worth noting that more than 60 Japanese banks have adopted Ripple's technology, marking a significant integration of blockchain technology in Japan's traditional financial industry.

Despite ongoing legal issues with the U.S. Securities and Exchange Commission (SEC) causing U.S. banks to hesitate, Japanese banks remain committed to working with Ripple. This support reflects the trust these banks have in Ripple’s products. Dr. Hassani’s research shows that the Japanese banking industry is ready to adopt modern technologies to improve its operations.

Ripple 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 the global banks’ 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 to blockchain technology shows efforts to improve financial services and meet the needs of the digital economy. Ripple's success in Japan could 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. The SBI-Ripple partnership, which was established in 2016, led to the creation of SBI Ripple Asia. This joint venture has integrated Ripple’s payment infrastructure into SBI’s subsidiaries, facilitating efficient cross-border settlements.

Furthermore, amid the expanding partnership, XRP was trading at $0.524 at the time of reporting. The asset has dropped $0.42% over the past 24 hours, suggesting a period of consolidation has begun. Despite this slight drop, XRP’s price stability suggests that the cryptocurrency is in a stabilization phase.

Despite ongoing legal issues with the SEC, that has not stopped Japanese banks from adopting Ripple’s technology.