SBI Africa’s subsidiary SBI Motor Japan has announced that it will allow its customers to pay for used cars with Bitcoin and XRP.
Source: SBI Holdings
BTCUSD is down -2.78%, XRPUSD is down -5.51%
The supported tokens will reportedly be settled on the SBI VC Trade Company, a cryptocurrency exchange of the SBI Group. The platform adds that it will enact measures to curb money laundering and terrorism financing in all the crypto transactions.
SBI has vowed to support other projects that address the demand for cryptocurrencies as it increases with the expanding customer base.
The announcement by the e-commerce site adds that the move will be the first time XRP is used for cross-border payments.
SBI says that the step was informed by the increasing demand for crypto in Africa, where financial services are still not well-developed. The company estimates that more than 1.7 billion people across the globe have no access to basic financial services.
The step has been termed a positive development for Ripple, which has been struggling to win a lawsuit filed against it by the SEC in 2020.