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Japanese Financial Giant SBI to Use Ripple (XRP) Extensively With R3

SBI Group is one of the largest multi-billion dollar financial institutions in Japan that operate with three core businesses in asset management, biotech, and financial services. Since the creation of SBI Ripple Asia, a consortium of more than 60 Japanese banks, SBI Group has led the development and deployment of XRP-based products in Asia.

Kitao said, “We have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively.”

At the SBI Financial Results Briefing, SBI Group CEO Yoshitaka Kitao announced that the firm has already begun the discussions to create a project for R3 that uses Ripple (XRP) more extensively.

n April of this year, SBI Bank LLC, a major bank in Russia operated by SBI Group, joined the R3 blockchain consortium to cooperate with hundreds of financial institutions within the consortia in testing blockchain products.

“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,” said SBI group.

But, considering 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.

Following a series of successful pilot tests, more than 61 Japanese banks are set to utilize MoneyTap to clear overseas transactions, accounting for more than 80 percent of assets and market share in the country.

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