SBI Global Asset Management CEO Tomoya Asakura has opined that the XRP cryptocurrency represents "the wealth transfer of our generation."

As reported by U.Today, XRP recently experienced a substantial rally, vastly outperforming the broader cryptocurrency market. On Friday, its price approached the much-coveted $3 mark. XRP's market cap swelled to nearly $170 billion following the rally.

Asakura noted that XRP's adoption by banks and financial institutions worldwide was "expected to grow," adding that its value and potential are set to increase in the future.

Earlier this month, the SBI exec also commented on blockchain company Ripple picking BNY Mellon as the custodian for the RLUSD stablecoin. Asakura commented that "aims to build the foundation for next-generation cross-border payments by layering RLUSD and XRP."

Asakura has also stated that Ripple's application for a U.S. banking license could potentially lead to "a rapid increase" in XRP's real-world adoption and institutional participation.

SBI is, of course, known as a longtime partner of Ripple. It is the largest external investor in the San Francisco-based enterprise blockchain company with a stake of 9%. The Japanese financial giant has been instrumental in driving the adoption of the popular cryptocurrency.

Apart from using XRP for remittances via SBI VC Trade and SBI Remit, SBI also operates validator nodes on XRP Ledger.

As reported by U.Today, SBI VC Trade recently collaborated with financial company Aplus to make it possible to exchange credit card points for XRP and other cryptocurrencies.