Used car exporter SBI Motor Japan starts selling cars for Bitcoin and XRP

Payments in Bitcoin and Ripple XRP have begun accepting SBI Motor Japan payments on its e-commerce site. In an announcement posted on the company’s website on May 9, 2022, the used car supplier confirms: cryptocurrency payments are accepted here.

SBI Motor Japan, which has a presence in the Africa region, attributes the move to digital assets to their growing popularity in the local market. SBI Africa says it plans to expand its line of supported virtual coins.

Settlement will take place through SBI VC Trade, a subsidiary of financial conglomerate SBI Group focused on cryptocurrency trading.

Meanwhile, another SBI Group affiliate, Morningstar, has confirmed an extension of its XRP cryptocurrency-related benefits program.

It’s worth noting that XRP is the fourth most capitalized cryptocurrency in the world with daily trading volume of over $16 billion. It has gained popularity because of its speed and low transaction costs, and its issuer, Ripple, is known for its extensive relationships with major banks.

Ripple is a technology company that created the XRP Ledger distributed ledger, the XRP cryptocurrency and the RippleNet product for financial institutions, which allows banks to send money to any country in seconds and at minimal cost. There are more than 300 banks in the Ripple partner network, including Santander and Siam Commercial Bank, but you have to understand that most of them do not use XRP cryptocurrency.

As of the end of April 2021, XRP had a market capitalization of over $63 billion, second only to BTC, ETH and BNB.

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