SBI To Use Ripple Extensively With R3 – At the SBI Financial Results Briefing, SBI Group CEO Yoshitaka Kitao, reported that the firm has already begun to create a new project for R3 that uses Ripple (XRP) more extensively.
“We have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively.”
-Yoshitaka Kitao said
About SBI Group
Japanese financial giant, SBI Group, is one of the leading multi-billion dollar global which operates to provide three main core businesses:
- financial services
- asset management
The financial giant SBI Group was established in 1999 in Japan as an internet-based financial services provider. From then on, the company has formed a financial conglomerate with a focus on new technologies, including fintech, Internet of Things (IoT), artificial intelligence (AI) etc.,
SBI’s collaboration with R3
SBI is one of the biggest investors in Ripple, which itself invested $107M in a funding round for R3 in May 2017 and has led XRP-based product development in Asia. SBI Ripple Asia has more than 60 Japanese banks. It is the biggest blockchain consortium that invested millions of dollars in order to create venture review blockchain systems.
This collaboration with R3 aims at creating enterprise-grade blockchain based systems. Which are for financial use and with the use of Ripple, it is believed to reduce costs, while increasing efficiency.
R3 blockchain-based systems
SBI To Use Ripple Extensively With R3-Since then, and throughout the past year, SBI Group has continued its efforts to create the R3 blockchain-based systems, which are capable of handling large-scale companies. In April, SBI Bank LLC, a major bank in Russia operated by the SBI Group, joined the R3 blockchain group to have businesses with hundreds of financial institutions test out blockchain technology-oriented products which were developed.
“We 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,”
-SBI Group said at that time.
“Ripple continues to build momentum and the dynamic there is the network effect. The more participants, the more value in joining. So, we’re seeing that momentum build.”
-Ripple’s CEO, Brad Garlinghouse commented in an interview with CNBC.