By
Temitope Olatunji
April 23rd, 2024
SBI Group is considering variants to develop a project for R3 in the framework of which XRP will be used more extensively.
The crypto community has already seen a number of successful collaborations that have brought excellent results. This time the news on such a collaboration has come from Japan.
CEO of the Japanese financial giant, SBI Group, Yoshitaka Kitao has confirmed that the company entered into negotiations on the issue of developing a project for R3 that would ensure more extensive usage of XRP.
SBI Group Activities
SBI Group is one of the major financial institutions in Japan with billions of dollars in assets. It works in such spheres as asset management, biotech, and financial services.
In 2016, SBI Holdings, Inc., a financial services company entered into a partnership with Ripple to launch SBI Ripple Asia that also comprises of around 60 Japanese banks. Since that time, SBI Group has been actively working on the development and implementation of XRP-based solutions in Asia.
Cooperation with R3
In May 2017, the company led a $107 million funding round for R3CEV. R3CEV is known all over the world as the largest blockchain consortium in the industry since the moment of the beginning of its history. R3 has managed to raise hundreds of millions of dollars to be allocated for the development of enterprise-grade blockchain networks.
The collaboration between SBI Ripple Asia and R3 was aimed at creating of a variety of blockchain-based systems to be used by large companies and associations. The wide application of solutions provided by Ripple is intended to cut cost and enhance efficiency of the networks. At the same time this move is aimed at boosting XRP popularity among the public.
This year, a major bank in Russia operated by SBI Group called SBI Bank LLC has taken a decision to join the R3 blockchain consortium with a view to establish cooperation with hundreds of financial nad banking institutions and to take part in testing blockchain products.
At that time SBI Group expressed their desire to make a significant contribution to the progress of the global blockchain field via realization of various blockchain initiatives in Japan and abroad, strongly believing that this emerging technology is the core of world’s FinTech transformation.
Nevertheless, it’s worth mentioning that there is still no information released on the way of integration of XRP in the project that the bank is now working on. But given the launch MoneyTap, a mobile app that is based on the Ripple network and uses XRP to facilitate cross-border transactions, it is expected that something similar may be introduced by SBI Group.
The company is supposed to launch a platform that will extensively use XRP which is planned to encourage all the members of the R3 consortium to pay attention to XRP.
Ripple’s Point of View
Earlier this year Ripple CEO Brad Garlinghouse has already explained that their company’s aim is to encourage major banks to join their blockchain network as each participant brings additional value to the entire network.
It is said the introduction of MoneyTap as well as of the new project of SBI Group to utilize XRP more extensively fully meets the company’s mid-term goal to implement XRP into the currently functioning system of leading banks and financial institutions.