Home / Crypto News / Japanese financial giant SBI plans to use Ripple XRP more extensively with R3

Japanese financial giant SBI plans to use Ripple XRP more extensively with R3

Japanese financial giant SBI plans to use Ripple XRP more extensively with R3

SBI Group is a major Japanese financial services company. At the business performance meeting, the CEO of the group, Yoshitaka Kitao, has now made an announcement regarding Ripple XRP. Thus, SBI intends to create a project for R3. This project is designed to make more use of Ripple XRP.

In May 2017, the SBI Group initiated a $ 107 million financing round for R3CEV LLC. R3CEV is the largest blockchain consortium in the industry's history. The consortium has already received hundreds of millions of dollars in capital to build blockchain networks for businesses.

In April of this year, SBI Bank LLC became a member of the R3 consortium. The bank is a major bank in Russia and a wholly owned subsidiary of SBI Holdings. Joining the consortium gives the bank the opportunity to partner with hundreds of financial institutions and test Blockchain products. The SBI Group explained:

“We see blockchain as the core of FinTech innovation and work on a variety of projects, both in and outside of Japan. Through these projects we believe we contribute to the development of the blockchain environment worldwide. “

Further details on the continued use of Ripple XRP announced by the SBI Group have not been disclosed.

A role in the further development could play in any case the recently published app “MoneyTap”. As reported in the blog, this is a consumer intended payment app based on xCurrent. The analysts assume in this light that SBI will introduce a platform that uses Ripple XRP. So the other members of the consortium would be encouraged to use Ripple XRP.

After successful pilot trials, more than 61 Japanese banks have decided to support MoneyTap. These banks together control more than 80 percent of all assets and market shares in Japan.

Earlier this year, Ripple Labs CEO Brad Garlinghouse said in an interview with CNBC about Ripple's goals. At the time, he'd said Ripple was going to win a dozen big banks for his blockchain network.

He had recently stated:

“2018 was an incredible year for us. Every week we conclude a contract with a bank for inclusion in the production process. We have announced that we have signed the largest bank in Kuwait, the National Bank of Kuwait. (…) The more participants, the more valuable the participation. So we see how a dynamic develops. “

The release of MoneyTap and the new project announced by SBI should support Ripples vision. Thus, Ripple XRP would be more and more integrated into existing infrastructures of banks and financial institutions. That should also benefit the course.

Japanese financial giant SBI plans to use Ripple XRP more extensively with R3

Sources: Twitter (in Japanese), R3, SBI Holdings (in Japanese), Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/japanischer-finanzgigant-sbi-will-ripple-xrp-mit-r3-weitgehender-nutzen/

Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.

We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.

About Coin News Desk Team

Leave a Reply

Your email address will not be published. Required fields are marked *