Financial Giant SBI to Utilize Crypto Asset XRP in E-Sports Gaming Industry

SBI e-sports participants could soon earn their salaries in XRP.

Japanese financial giant SBI Holdings rolled out an esports team in June and just announced that team will be sponsored by SBI VC Trade Company, the financial services company’s crypto trading operation. Esports refer to professional video game competitions.

Through the new partnership, any player for “SBI Esports” who chooses to can earn their salary in Ripple’s native asset, XRP, according to an SBI press release. The Japanese company is a longtime Ripple partner and invested in the San Francisco startup back in 2016.

It’s not XRP’s first foray into the world of gaming. In early 2019, Ripple’s investment arm, Xpring, and the blockchain gaming company Forte formed a $100-million fund to bring blockchain gaming to the mainstream.

The fund’s goal is to integrate blockchain technology and XRP into existing games with more than 50,000 daily active users.

Throughout its partnership with Ripple, SBI has been an active promoter of XRP and its ecosystem. In late June, the financial services company announced plans to create a new crypto fund that features a 50% allocation to the asset. SBI VC Trade Company provides custody for the fund.

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