The Japanese used car export giant SBI Motor Japan has announced that it has added 2 cryptocurrencies to its list of payment methods. SBI Motor Japan customers can now buy used cars for Bitcoin (BTC) and XRP.
The cross-border e-commerce site “SBI Motor Japan” starts accepting payments in cryptocurrency
SBI Motor Japan, a Tokyo-based used car export company, has announced that it will now accept XRP and Bitcoin as payment options. Payments will be made through SBI VC Trade, a cryptocurrency trading subsidiary of the financial giant SBI Group.
SBI’s announcement on Monday marks the first time XRP will be sold on a cross-border e-commerce website in Japan. BTC and XRP transactions will be conducted on SBI VC Trade Co., Ltd, a cryptocurrency exchange owned by SBI Group. According to SBI, the platform will use appropriate security methods to prevent money laundering and terrorist financing through cryptocurrency transactions.
In addition, SBI announced that it is currently monitoring and verifying business partners to ensure that they comply with AML and corporate regulations. In addition to adding settlements to BTC and XRP, SBI said it will continue to support other key projects that meet the needs of its expanding customer base.
This move is seen as a positive step forward for Ripple.
SBI’s move on cryptocurrency is seen as a positive step for Ripple, which is leading a lawsuit for selling unregistered securities through XRP in 2020. The Ripple-SEC lawsuit dealt a crushing blow to XRP and its holders, as a result of which some platforms stopped supporting cryptocurrencies.
As we reported in Somanews news, Ripple CEO Brad Garlinghouse recently expressed optimism that a protracted lawsuit with the SEC will lead to a positive outcome for the global blockchain-based payment company. Aliasgar Merchant, developer relations engineer at Ignite, interprets the adoption of XRP outside the US as a good indicator that the lawsuit “will not interfere with the implementation of the technology.”