Summary
- SBI Holdings subsidiary has joined forces with Ripple to promote the use of XRP Ledger (XRPL) within the Web3 community.
- Despite this association, the price of XRP remained virtually unchanged, hovering around $0.57.
Ripple's latest collaboration
Ripple continues to strengthen its global presence, recently teaming up with SBI Digital Community, which is under the umbrella of Japanese financial giant SBI Holdings. According to the Conditions of the partnershipThe Asian entity will promote the use of XRP Ledger (XRPL) in the Web3 community.
“Through this strategic partnership, we will increase opportunities for individual users to utilize the XRP Ledger through the “Web3 community (From now on “Bto3″)” operated by SBI Digital Community and works to popularize the XRP Ledger,“ SBI announced.
The Bto3 Web3 community is an initiative developed by the Japanese organization that focuses on expanding the adoption and accessibility of non-fungible tokens (nfts) by leveraging XRPL’s blockchain infrastructure. It also aims to connect businesses, artists, and consumers, fostering a more inclusive digital art community.
SBI Digital Community said it will use a designated market called xrp.café in the distribution and marketing of nfts issued on the XRP Ledger.
“In addition, we will make it possible to pay rewards to creators and other contributors to the community in the XRP cryptocurrency, based on their wishes. We believe that by increasing the number of XRP Ledger users, more companies will be able to provide new B2C services, thereby increasing convenience in the real world,“ The entity concluded.
The announced collaboration had little to no impact on the price of XRP, which has been stuck at around $0.57 over the past 24 hours. This represents a 10% drop from the local high of almost $0.64 recorded last week after the last development in the Ripple v SEC case.
Judge Torres ruled that the company must pay a fine of 125 million dollars for violating TRUE Securities laws. The figure is just a fraction of the regulator's massive initial $2 billion claim.
The previous association
Earlier this month, Ripple they shook hands with Dubai International Financial Centre (DIFC) to boost cryptocurrency adoption and showcase the merits of blockchain technology in the Middle East.
“Our partnership with the DIFC Innovation Hub promises to boost the adoption of blockchain technology in the region as XRPL remains a leading blockchain for startups and scale-ups in the region creating real-world use cases,“ CEO Brad Garlinghouse said:
It is worth noting that Ripple's regional office in the Middle East and Africa (MEA) is located within the aforementioned economic zone. Several months ago, the DIFC approved XRP For usemeaning that licensed crypto entities operating within them can incorporate the token into their operations.
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