Recently, Japan’s financial giant SBI Group has been Ripple’s main partner. It hasn’t disruptively assisted Ripple, especially after the company was hit by the SEC lawsuit.
TaoTao is discontinuing XRP
The SBI Group continues its support for Ripple and is now reintroducing Ripple’s native token XRP on the TaoTao exchange. The TaoTao exchange, which had already delisted XRP in late 2020, will list the token again until September 22, 4:00 p.m. after maintenance.
With SBI Liquidity Market, SBI Foreign Exchange and Derivatives Arm, recently acquired 100% of TaoTao, the resumption of XRP on the exchange was pretty obvious considering that SBI Group supported Ripple. With Ripple being sued by the SEC for illegally selling XRP as collateral, SBI has offered Ripple several times to relocate its operations to Japan.
On the current development, SBI has issued a statement that clearly shows the unshakable trust the group has in crypto:
“In the future, we will make maximum use of the management resources such as the knowledge of the SBI Group as a comprehensive financial group as well as the customer base and service expertise of the crypto assets that TaoTao has so far maintained …”
Japan’s first crypto fund launched
Recently, SBI also announced the launch of Japan’s first crypto fund by November this year. The fund supports private investors in diversifying their portfolios. Official Tomoya Asakura reportedly stated that the fund could be hundreds of millions of dollars potentially invested in crypto coins such as BTC, ETH, XRP, BCH, LTC, and possibly others.
All of these developments explain Japan’s encouraging behavior towards crypto. Given that Japan is currently the third largest economy in the world, crypto is certainly doing good business.