Japanese Investors Prefer XRP Over Bitcoin and Ethereum
A recent study has found that Japanese investors are showing a preference for investing in Ripple’s XRP over Bitcoin, the world’s leading cryptocurrency. This is in contrast to the treatment of Ripple and XRP in the United States, where they face more regulatory scrutiny. The study, conducted by the Department of Economics and Finance at the City University of Hong Kong, reveals that XRP is favored over Bitcoin and Ethereum by Japanese investors.
The Survey Results
The research paper references a survey conducted by the Japanese crypto exchange BITMAX, which asked 1,498 respondents about their favorite cryptocurrency. The results showed that 25% chose XRP, while 26% preferred Bitcoin and 9% favored Ethereum. Although this survey alone may not be conclusive evidence of Japanese investors’ preference for XRP, it does indicate a significant following for the token in the country.
XRP’s Popularity in Japan
The report highlights that XRP had the highest spot trading volume in February last year, with nearly 1.36 billion units traded during that period. The popularity of XRP in Japan can be attributed to the country’s customs and the confidence placed in Ripple by Japan’s largest venture capital fund, SBI Holdings. SBI Holdings invested approximately $300 million in Ripple in 2017.
SBI Holdings: A Key Driver of Ripple’s Success
The report identifies SBI Holdings as a primary driver of Ripple’s success in Japan. SBI Holdings partnered with Ripple in 2016 to establish SBI Ripple Asia, aiming to provide cross-border payment services to Asian banks using Ripple’s distributed ledger technology (DLT). This partnership allowed Ripple and its XRP token to gain early access to the Japanese market and expand further into other Asian countries.
Expanding Ripple’s Adoption in Asia
SBI Remit, a subsidiary of SBI Holdings, recently expanded its partnership with SBI Ripple Asia by introducing an XRP-based international remittance service for banks in the Philippines, Vietnam, and Indonesia. This aligns with Ripple’s goal to disrupt the global financial system by using XRP as a bridge currency for faster and more affordable cross-border transactions.
Hot Take: XRP Gains Traction in Japan, Surpassing Bitcoin and Ethereum
The research indicates that Japanese investors are increasingly favoring Ripple’s XRP over Bitcoin and Ethereum. This preference can be attributed to factors such as XRP’s trading volume, customs in Japan, and the confidence placed in Ripple by SBI Holdings. With the expansion of Ripple’s services in the Asian region, including an XRP-based remittance service, XRP’s adoption is expected to continue growing. This trend highlights Japan’s positive reception of XRP and its potential to disrupt traditional financial systems.
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