Could SBI Start Using XRP
During a results briefing with SBI Financial, the CEO of SBI Group, Yoshitaka Kitao revealed that the company had already started to begin talks for a new project for R3 which exclusively uses Ripple.
Speaking on the matter, Kitao said:
âWe have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively.â
The SBI Group is one of the biggest multi-billion dollar financial firms in Japan which operate with three primary businesses in biotech, financial services and asset management. Since the creation of SBI Ripple Asia, a consortium of over 60 Japanese banks, the Group decided to lead the development and deployment of all XRP related products in Asia.
Back in May last year, the SBI Group spearheaded a $107 million funding round for R3CEV, which is the biggest blockchain consortium in the history of the industry and has raised millions of dollars to help develop enterprise-grade blockchain networks.
Throughout this past year, the SBI Group has worked with R3 to create a variety of blockchain based systems to be utilised by big scale giants.
In April this year, SBI Bank LLC, a massive bank in Russia which is operated by SBI Group teamed up with R3 blockchain consortium to cooperate with hundreds of financial institutions within the consortium in testing blockchain products.
During this time, the SBI Group stated:
âWe regard blockchains as the core of FinTech innovation and are working on various measures both in Japan and abroad. Through this effort, we believe that we can contribute to the progress of the global blockchain field.â
According to some local experts, which have covered the SBI Financial Results Briefing, the company hasnât released any additional details regarding the integration of XRP in the new project which is the bank is currently developing.
As said by CCN:
âConsidering the launch of MoneyTap, a mobile application that utilizes the Ripple network and specifically XRP to process cross-border transactions, analysts expect SBI Group to introduce a platform that extensively utilizes XRP and that encourages other banks in the R3 consortium as well as SBI Ripple Asia to use XRP.â
After several pilot test going well, over 60 Japanese banks are now set to utilise MoneyTap to clear international transactions. This accounts for over 80% of assets and market share in the country.
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