SBI Digital Community Co. Ltd. has announced a partnership with Ripple Labs Inc. to promote the XRP Ledger within the Web3 ecosystem. The collaboration, revealed on August 13, 2024, focuses on issuing non-fungible tokens (NFTs) on the XRP Ledger and rewarding creators with XRP. This initiative aims to enhance consumer experiences and expand access to Web3 technologies.
Under the leadership of President and CEO Yuutaro Sato, the Tokyo-based SBI Digital Community will utilize Ripple’s XRP Ledger, which is recognized for its speed, cost-efficiency, and sustainability. The partnership is expected to broaden the use of the XRP Ledger through SBI’s “Bto3” Web3 community, fostering greater interaction with blockchain technology and advancing its adoption.
“We believe that by increasing the number of users of the XRP Ledger, more companies will be able to provide new BtoC services, thereby increasing convenience in the real world,” SBI Digital Community stated.
The Bto3 initiative will support the issuance of NFTs on the XRP Ledger, with SBI planning to use xrp.café, a marketplace dedicated to the distribution, purchasing, and selling of XRP Ledger NFTs. The platform will also allow creators and community participants to receive rewards in XRP based on their contributions.
“This strategic move underscores SBI Holdings’ confidence in XRP, seeing its adoption of NFTs on the XRP Ledger as a method of supporting emerging technologies that hold significant future potential,” the company added.
Earlier this year, SBI announced plans to issue an NFT on the XRP Ledger for the EXPO 2025 event in Osaka, Japan. This initiative is part of a broader strategy to integrate blockchain technology into major events and platforms. SBI will collaborate with financial giants such as SMBC Group, Resona Group, and Mitsubishi UFJ Financial Group to operate the “EXPO2025 Digital Wallet,” showcasing practical applications of the XRP Ledger.
Despite the promising developments, XRP’s price has remained largely unaffected by the partnership announcement, holding steady around $0.57. This represents a 10% decline from a recent peak of nearly $0.64, following developments in the Ripple vs. SEC case, where Ripple was fined $125 million for securities law violations.
The partnership between Ripple and SBI Digital Community marks a significant step in promoting the XRP Ledger within the Web3 community. By facilitating the issuance and trade of NFTs, SBI aims to enhance user engagement and accessibility to blockchain technologies, paving the way for innovative applications in the digital space. As this collaboration unfolds, it is expected to drive interest and adoption of the XRP Ledger in the evolving Web3 landscape.
