On Monday, May 9, SBI Africa, a wholly owned subsidiary of SBI Holdings based in Japan, announced that its cross-border e-commerce site “SBI Motor Japan” now accepts Bitcoin and XRP payments.
SBI Africa states that “The SBI Group has many group companies in Japan and overseas, mainly in the financial services industry, including SBI Securities and SBI Sumishin Net Bank, leading online financial services companies, business asset management and biotech, healthcare and medical informatics business.
SBI Africa, which is “a member of JUMVEA (Japan Used Vehicle Exporters Association) and JapaneseCarTrade”, also states on its website that it sells “high quality used cars at reasonable prices in Africa” in order to to help its parent company “develop”. its financial services to the region.
Here is an example of one of the used Japanese cars currently offered on the SBI Motor Japan website:
In a press release issued on May 9, SBI Africa said that according to its research, its “SBI Motor Japan” website is “the first cross-border e-commerce site in Japan to support XRP.”
He went on to explain why it is important to accept crypto payments when selling to emerging market countries:
“According to a 2017 study by the World Bank, 1.7 billion adults worldwide do not have a bank account, most of them concentrated in emerging economies such as the African continent. Furthermore, according to a study by the Singapore-based exchange CooCoin, the number of transactions and users of virtual currencies, including bitcoin, in Africa has increased 15 and 25 times in the year to January 2022.
“Crypto asset remittances use the blockchain (distributed ledger), so even if the banking system stops working, as long as the internet is up, remittances can continue to be used unaffected by a failed exchange, etc considered and spreading as an alternative to traditional money transfer methods. In anticipation of the growing demand for remittances using crypto assets, we plan to increase the number of currencies that can be used for settlement in the future.“
The press release also mentioned that “for settlement of crypto assets”, SBI Africa uses SBI VCTrade, which is a crypto exchange owned by the SBI Group.
Very popular and respected crypto analyst and influencer “Crypto Eri” (“@sentosumosabaon Twitter) – who is one of the most valuable members of the XRP community due to his excellent in-depth reporting and analysis of all Ripple and XRP related news – has many more details on this new use case. for XRP as well as other ways that SBI uses XRP:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.
Featured image by “binmassam” via Pixabay.com