The Tokyo Olympics in 2020 is one of the most anticipated events of the year. With an expected influx of tourists and foreigners, Japan prepares to deal with international and digital currencies. Japanese firms like Universal Asset Management Tokyo review the effect of the Tokyo 2020 Olympics on the SBI Ripple Asia and XRP. Read on to know more about them.

SBI Ripple Asia

In Japan, SBI Ripple Asia is consists of a combination of a total of 61 banks, which makes 80 percent of the country’s banking assets. MoneyTap is a critical application, with definite plans of partnering with overseas commercial banks. SBI Ripple Asia aims to expand the network of MoneyTap.

SCB Partner Banks

According to speculations, MoneyTap will build strong partnerships with SCB, Shinhan Bank, TPBank, and Woori Bank. MoneyTap will partner with major commercial banks in other countries in Southeast Asia, which will be and launched this year. The Mitsubishi Bank of Tokyo will possibly deploy its subsidiary bank in Krungsri in Thailand. 

Confirmed MoneyTap Application 

Yoshitaka Kitao, the SBI CEO, has confirmed the MoneyTap application, which will they will integrate with XRP before the 2020 Olympics to be held in Japan. Because of the 2020 Tokyo Olympics, many people will visit Japan and splurge in traveling and shopping. The economic effects of the 2020 Tokyo Olympics, most notably to crypto is promising, as what you’ll find on Universal Asset Management Tokyo Review

According to Tomoyuki Nii, the Overseas Investment Executive Officer at SBI Investment, XRP is available for them to use as a secure form of payment method because a platform such as Elliptic is protecting it. Yoshitaka Kitao was not kidding when he stated that significant banks would be using XRP and Brad Garlinghouse, Ripple CEO also made a similar statement back in 2018. There is even a rumor of Ripple having an IPO after a promising seed.

The Ripple Drop

Over the past ten years, the Ripple Drop had a significant impact on digital assets and blockchain technology. With the RippleNet Growth and Libra Launch in 2019, global governments come together, understanding the urgency of developing regulatory frameworks in the crypto world.

The RippleNet was a success which grew as a global network connecting payment companies and banks. The company believes that it drastically increased the activity, volume, and even the onboarding of various global companies. There’s an increasing demand for On-Demand Liquidity (ODL) of RippleNet, which leverages XRP, making instant cross-border payments.

With cashless payments as a significant preference in Japan, it’s only a matter of time until other cryptocurrencies are accepted. The 2020 Tokyo Olympics will bring out the battle of the altcoins and fiat currencies in Japan.

Conclusion

Firms like Universal Asset Management Tokyo review SBI Ripple and XRP to continue bringing positive impacts to the digital world, most notably in Japan. With the 2020 Tokyo Olympics, it’s an excellent opportunity for crypto companies to let more people know about the convenience and flexibility that alternative payment methods can provide, along with bank partnerships.