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SBI President now a part of Ripple's Board of Directors


Per a recent announcement, Ripple has added representative director and CEO of Japanese financial giant SBI Holdings, Yoshitaka Kitao as one of its Board of Directors. Ripple had announced previous week that Kitao’s entry will mark the replacement of CEO of SBI Ripple Asia Takashi Okita.

Kitao has a varied work experience in global financial market. In his working span of 40 yeas, he established SBI Holdings in 1999 and  worked with Softbank Corporation and Nomura Securities. 

Ripple co-founder and executive chairman of the firm’s board of directors, Chris Larsen, said: “Approximately half of our customers are located in Asia-Pac today, and we’re rapidly expanding our global footprint across the region. Mr. Kitao comes at a perfect time for Ripple as we look to deepen our customer base in Asia and beyond.”

Furthermore, the partnership received a license to launch its blockchain-based payments app for consumers last September. A month later they launched the app MoneyTap. 

Also, SBI Ripple Asia also formed a consortium last year. The purpose of the same was  to research on use cases of blockchain and reduce opertional costs for firms.  

Recently, Saudi British Bank (SABB) announced the launch of “instant” cross-border money transfer services via Ripple. The service will purportedly improve customer experience. 

In another series of major announcements, it was further revealed that SBI is considering the launch of an STO in the later part of the year. It further added that the firm was only waiting for the final revision of the Financial Instruments and Exchange Act. The act is scheduled to be applicable from  June 2019.

In addition, SBI has mentioned that it will continue to foster relationships with its major crypto partner Ripple. Furthermore, Yoshitaka Kitao, CEO and representative director SBI, was recently appointed as an executive of Ripple Labs. 

SBI further plans to expand its crypto mining arm SBI Mining Chip (SBIMC), expecting to reap profits with mining hash rate. 

SBI Virtual Currencies was registered as a business in late 2017, as per data from according to data from SBI’s new financial report. SBI Virtual Currencies initially supported major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP and Bitcoin Cash (BCH)

In another news reported by CoinMarketFeed, Swissquote, an online banking and trading group recently announced its decision to launch crypto custody. Institutional customers and retailers will be able to transfer cryptos from wallets( external) in a Swissquote account. For the same, the firm has partnered with  Zug-based Crypto Storage AG, a subsidiary of Crypto Finance AG, for the custody service.