The Blockchain and cryptocurrency realm has poached another Finacial Expert to foster the growth and utilization of blockchain in Japan. Yoshitaka Kitao, previously the CEO of the SBI Holdings in Asia, has been appointed as an Executive at Ripple Labs.
SBI Holdings is one of the leading Institutional Financial firms that have implemented cryptocurrencies. It has also established a mining farm under its wing along with enabling cross-border remittance in partnership with Ripple Labs and R3.
Kitao aims to build a strong network which will compete with SWIFT’s payment network currently deployed between all banks. Moreover, he also mentioned that now only xCurrent protocol would be used for making a cross-border remittance. Hence, the growth in the use of XRP might remain unaffected which is used mainly in the xRapid protocol.
Kitao has been a firm believer of the XRP cryptocurrency, he has also stated earlier that XRP has Potential to be Global Standard in Future. Moreover, Kitao also stated his frank opinion on SEC’s take of Ripple being security or not:
“If not the SEC also has come to a level that does not put out a conclusion to the wind that’s security (securities). Going to be treated as a coin. And will be treated as a coin, take three to five years it No, I think the SEC is going to keep things going without making any conclusions. ” (translated from Japanese).
Kitao also told the media that he would act as a bridge between Ripple Labs and R3 to end their long-standing feud over an agreement to claim the XRP in 17 years. Kitao has appreciated of R3’s Corda platform; He also envisions excellent potential in their collaboration. Hence, Kitao aims to resolve their issue and bring them to mutually agreeable terms.
Last but not least, Kitao expressed that he wasn’t satisfied with the 200 RippleNet members and aims for 10,000 members across the globe.
Do you see a bright future for Ripple and XRP with Kitao leading the realm? Please share your views with us.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.