In a recent social media address, Tomohiko Kondo, SBI VC Trade representative director and CEO, expressed gratitude to customers and stakeholders, attributing the success of the company to the remarkable surge in the crypto asset market. Kondo highlighted the stellar performance of XRP, a key focus of SBI VC Trade and the broader SBI conglomerate.
The crypto market’s unexpected recovery at the beginning of the year saw significant gains for major assets. Bitcoin (BTC) surged from 2.1 million JPY to approximately 6 million JPY, while Ethereum (ETH) experienced an impressive jump from 150,000 JPY to 330,000 JPY. Of particular note, XRP, as emphasized by Kondo, soared from 45 JPY to 88 JPY.
Reflecting on the year, Kondo characterized it as a period of upward momentum, underscoring the company’s success and the positive trajectory of the crypto market.
XRP takes over Asia
SBI, one of Japan’s largest financial structures, continues to actively collaborate with Ripple, cementing their partnership with a joint venture announcement earlier this year. Kondo also highlighted the pivotal role of SBI Ripple Asia in this collaboration. SBI holds a majority stake with 60%, while Ripple Labs holds the remaining 40%.
This entity is set to introduce Ripple’s XRP-enabled remittance solution to bank accounts in Southeast Asia. The implementation is scheduled to commence this month, marking a significant step toward increasing the utility of XRP in the region.
With XRP at the forefront of these developments, SBI VC Trade’s celebration of its price progress signals a promising outlook for the crypto asset, setting the stage for further growth and adoption in the Japanese market.