3 months ago
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SBI Digital Community Co., Ltd., a SBI Group subsidiary, and Ripple Labs have announced a strategic partnership to promote the utilization of the XRP Ledger within the Web3 community. According to an official press release dated August 13, the collaboration will focus on integrating the XRP Ledger into “Bto3Web3 community”, a digital platform managed by SBI Digital Community, to enhance its functionality and broaden its appeal.
“The XRP Ledger is a layer 1 public blockchain developed to enable fast, low-cost, and sustainable payments. […] Through this strategic partnership, we will increase the opportunities for individual users to use the XRP Ledger through Bto3~Web3 community operated by SBI Digital Community, and work to popularize the XRP Ledger,” the statement reads.
Ripple And SBI’s New Web3 Venture
SBI Digital Community will commence the issuance of Non-Fungible Tokens (NFTs) on the XRP Ledger. The initiative extends to creating a supportive environment for users to engage with these digital assets, from purchasing to trading on the platform.
This endeavor will be supported by xrp.café, a marketplace specializing in the distribution and exchange of NFTs hosted on the XRP Ledger. “As an issuing platform for NFTs on the XRP Ledger, we will use xrp.café, a marketplace that specializes in the distribution and buying and selling of NFTs issued on the XRP Ledger,” the press release states.
Further emphasizing the partnership’s potential impact, the companies outlined plans to reward community creators and contributors in XRP. This reward mechanism aims to incentivize and support the creative and operational contributions to the platform. SBI revealed: “In addition, we will make it possible to pay rewards to creators and other contributors to the community in the cryptocurrency XRP, based on their wishes.”
Commenting on the partnership’s goals, the announcement says, “We believe that by increasing the number of users of the XRP Ledger, more companies will be able to provide new B to C services, thereby increasing convenience in the real world.” The project boasts a capitalization of 50 million yen, equivalent to approximately $338,000, inclusive of capital reserves.
Notably, this partnership is not the first collaboration between the SBI Group and Ripple Labs. The relationship dates back to 2016 when the entities formed SBI Ripple Asia, a venture aimed at revolutionizing cross-border payments across Asia with Ripple’s blockchain technology.
Moreover, SBI Holdings has previously integrated the XRP Ledger into various projects, demonstrating the ledger’s versatility and robustness. Notably, SBI utilized the XRP Ledger for NFT issuance during significant events such as the World Expo 2025 and has been exploring its application in supply chain solutions in Japan in collaboration with HashKey.
At press time, XRP traded at $0.5673.
XRP attempts second breakout, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
