Well-spoiled second-hand enthusiasts – The adoption of cryptocurrencies in some parts of the world is starting to have a real impact on the economy. The sprawling Japanese holding company, SBI (Strategic Business Innovator), has decided, via one of its subsidiaries, to accept certain cryptos for some cross-border payments. As a reminder, this company had already demonstrated his interest in bitcoin (BTC) through a loan system. Direction Tokyo to analyze this decision!
A multi-faceted financial holding that loves Bitcoin
The group SBI is one of these giants of international finance. Bringing together no less than 80 companies from all over the world, the head office is located in Tokyo, Japan. The company therefore has a variety of activities: financial services, asset management, research on biotechnology and also a wide range of ” research and development ” on new technologies. Among these works, the blockchain and the cryptocurrencies are primarily concerned.
We will now see what is happening with its subsidiary SBI Africa Co., more specifically the company SBI Motor Japan (a subsidiary of the subsidiary). This entity specializes in the sale of second-hand cars and in their shipping around the world. This includes in particular many African countries, such as Tanzania, Kenya or Zambia.
Users can choose their vehicle on its website and then select a port for reception. This flourishing business corresponds perfectly to the expectations of the African market, a major second-hand consumer. To facilitate the international payments, SBI Motor Japan will be able to rely on SBI VC Trade Co. That’s a lot of subsidiaries, but it’s a bit like the principle of big international finance.
Cryptocurrency as a link between Asia and Africa
SBI VC Trade Co. is a platform that provides many services related to cryptocurrency. It will therefore take charge of the payments. On the strength of this collaboration between these subsidiaries, the SBI group has announced that it would accept soon payments in BTC and in XRP for used cars. We are not going to go back here to the history or the interest of XRP compared to other cryptos. If you want to dig deeper, do yourself a favor. on our dedicated files !
The prospects of this partnership are therefore enormous. To justify its choice, SBI cites a report by the World Bank of 2017 which makes the following observation: 1.7 billion adults in the world do not have a bank account. Emerging countries concentrate most of them.
In his statement to the press, the Japanese group also resumes, the conclusion of a study of Kucoin Singapore. This study takes stock of the use of cryptocurrencies in Africa. The conclusion is clear: the number of transactions was multiplied by 15 while the number ofusers has been multiplied by 25. It is to capture this emerging market and this new category of users that SBI has decided to accept Bitcoin and XRP.
Notwithstanding the unfavorable economic conditions, companies are building the world of tomorrow in a pragmatic way. There is a pool of potential consumers who have remained outside the traditional financial system and companies are trying to reach them. The cryptocurrencies and Bitcoin turn out to be a perfect link between the forgotten by globalization in Africa and economic pioneers in the rest of the world.
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