SBI esports players will start receiving their salaries in XRP. SBI esports is a subsidiary of the SBI Group, a company that has been working with Ripple and the XRP cryptocurrency in the past. The information was announced in a press release by SBI Holdings a few hours ago.
SBI Esports Pays Players in XRP
Cryptocurrency adoption continues to expand in the market. This time, SBI Esports is going to be paying players’ salaries with the XRP cryptocurrency, one of the largest in the world. As per the press release in Japanese, the company explains the goal is to push players to start using digital assets rather than fiat currencies.
This is one of the first large companies in the world that decided to pay workers using virtual currencies. Although this seems like a pilot project it could be the beginning of a drastic change in the way some companies decide to pay their workers.
As we have reported many times in the past, SBI has been working with Ripple on a wide range of projects and initiatives. SBI Holdings informed that they were going to be using the XRP virtual currency to conduct remittances in Southeast Asia.
The XRP digital asset is a fast and cheap cryptocurrency to use that can also be understood as a liquidity provider between two different fiat currencies. If a company or a person want to send funds to another country using fiat currency, the transfer may take several days to be processed.
Instead, using a cryptocurrency such as XRP that provides instant liquidity and allows users and companies to have funds delivered in fiat currencies in seconds is a large improvement from traditional systems.
Ripple is now working with several liquidity providers in different countries and regions that allow these transfers to take place smoothly. In the future, a larger number of companies could easily start to use the XRP virtual currency to pay for goods, services and even employees. This is certainly going to be a positive thing for the entire crypto market and for digital currencies all over the world.
It is worth taking into consideration that the XRP digital asset is currently the fourth largest in the world after Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). At the time of writing this article, XRP has a price of $0.242 per coin and a market valuation of $10.39 billion.