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SBI is a supporter of the XRP Ledger platform for non-fungible coins and tokenization.
Ripple expands its presence in the NFT industry by investing in Mintable’s $13 million fundraising round.
SBI, a financial services and cryptocurrency conglomerate located in Japan, has reaffirmed its support for Ripple and the XRP ecosystem as a whole. SBI’s president and CEO, Yoshitaka Kitao, restated his support for Ripple and the XRP Ledger in his “Current Management Information Briefing” issued on June 29th.
XRP Ledger, according to SBI, can tokenize XRP and other assets.
The Ripple XRP Ledger network, according to SBI, is suited for the non-fungible token (NFT) space. The XRP Ledger is also suitable for “other assets,” according to the study. One of the aspects that places XRP ahead of other networks in completing transactions linked to NFTs, according to Kitao, is Ripple’s cheap transaction fees:
Because it does not employ mining and has decentralized trading capabilities, the blockchain XRP Ledger can tokenize not only XRP but a range of other assets and has exceptionally low transaction costs that can be resolved instantly with a very little environmental impact. The XRP Ledger may be able to benefit from tokenization.
Furthermore, according to the SBI document, XRP community members have established a “fundamental standard” for the issuance of NFTs on the XRP Ledger. Kitao mentioned that the RippleX team had previously proposed an NFTs model with “richer functionality.”
The RippleX team concept, according to the CEO, will be officially implemented after community assessment and voting.
SBI is well-known for being a big supporter of Ripple. Morningstar, an SBI subsidiary, has been paying XRP dividends to its shareholders. Morningstar began paying XRP dividends in 2019 while the cryptocurrency was trading at $0.25. Morningstar disclosed that it would be paying year-end shareholder dividends in XRP in an official release in March of this year.
SBI has not only continued to promote Ripple, but it has also publicly endorsed the cryptocurrency in its legal struggle with the US Securities and Exchange Commission (SEC). Ripple’s CEO had previously shown interest in relocating to Japan if the company was driven out of the US.
Ripple takes part in the Series A fundraising round at Mintable.
With its recent investment in the NFT marketplace Mintable, Ripple has firmly established itself in the NFT arena. Ripple was one of the notable personalities who invested in Mintable’s Series A round of investment. The NFT marketplace announced that it had raised $13 million in a recent funding round.
Zach Burks, the CEO and founder of Mintable, mentioned NFT’s tremendous growth over the last few months. Burks noted that NFT is becoming more popular in a variety of industries, including sports, entertainment, the arts, and more. Mintable intends to use the capital to expand its activities, as indicated in the announcement. The marketplace wants to increase its user acquisition and growth strategies. He went on to say, “As the technology matures and the space rapidly advances, this is an important company milestone for Mintable, and we are grateful for the support of our investors who share our vision in the numerous benefits that NFTs may offer to mainstream customers.”
Expedia Group’s John Kim, 7 0’Clock Capital, and Double Peak are among the well-known investors in the round. Digital Finance Group, Spark Digital Capital, 640 Oxford Ventures, Reimagined Ventures, and 840 Venture Partners are among the other firms involved.
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