CFTC Sues BitMEX For Violating Bank Secrecy Act ; Bitcoin Bears The Brunt
October 1st 2020
Ripple has undoubtedly been making tremendous attempts to boost the adoption of the fourth-largest cryptocurrency, XRP. Partnerships and expansions have always been in the books of Ripple. Taking a leap ahead in the same, Ripple’s long time partner, SBI esports recently announced the incorporation of XRP into its remuneration process.
XRP Gets A Boost
Ripple’s alliance with the prominent Japanese financial platform, SBI Group goes way back. Both the platforms seemed to have taken their partnership to the next level with a recent announcement. The subsidiary of SBI Group, SBI esports revealed that it would pay its players their salaries in cryptocurrency instead of fiat. The announcement pointed out that these players would receive their annual salaries in XRP.
This announcement is reportedly the result of a sponsorship deal with SBI VC Trade, a crypto sales office and exchange. The announcement further read,
“In addition, as an innovator that creates innovative service businesses using crypto assets, which are the core of digital assets, we aim to create and nurture a healthy market based on customer-centricity, improve prices, expand liquidity, etc. We will strive to further improve satisfaction.”
While XRP continues to reign as the fourth-largest cryptocurrency with a market cap of $11 billion, the latest news could further bolster XRP’s market cap. After lounging as the third-largest digital asset for a long time, XRP was defeated by stablecoin Tether whose market cap is at $15 billion. The latest move could further help XRP to regain its position.
While promoting the several services it has to offer, Ripple makes sure to endorse XRP. However, this doesn’t seem to have had any effect on the altcoin’s price. As the XRP community anticipates a significant surge in the price of XRP, the coin has prolonged its struggle to go past $1. At the time of writing, the cryptocurrency was trading for $0.243 with a whopping 9.74% increase over the last seven days.