Lately, Japan’s financial giant, SBI Group has been the single most crucial partner of Ripple. It has supported Ripple non disruptive, especially after the company was struck with the SEC lawsuit.
TaoTao Relists XRP
Continuing its support for Ripple the SBI Group is now relisting Ripple’s native token XRP on TaoTao exchange. TaoTao exchange that had delisted XRP back in late 2020, will relist the token by Sep 22nd16:00, post maintenance.
As recently, SBI Liquidity Market, SBI Foreign Exchange and Derivatives Arm, has acquired 100% of TaoTao, relisting of XRP on the exchange was rather obvious, considering the support SBI Group has shown for Ripple. Since Ripple is taken to court by the SEC over the illegal sale of XRP as security, SBI has offered Ripple to shift its operations to Japan on multiple occasions.
As for the current development, SBI has issued a statement that clearly shows group’s unwavering trust in crypto:
“In the future, we will make maximum use of the management resources such as 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 cultivated so far…”
Launch of Japan’s First Ever Crypto Fund
Recently, SBI has also announced the launch of Japan’s first ever crypto fund by November this year. The fund will support individual investors to diversify their portfolio. Official Tomoya Asakura reportedly stated that the Fund could be as big as several hundred million dollars, that will potentially be invested in crypto coins such as BTC, ETH, XRP, BCH, LTC and possibly others.
All such developments explicates Japan’s encouraging behavior towards crypto. Considering that Japan is currently the world’s 3rd largest economy, crypto is certainly getting a good deal.