Japan’s SBI In Collaboration With MoneyTap Started Demonstration Experiment of “S Coin”

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SBI Holdings
SBI Holdings
  • Japan’s Strategic Business Innovator Groups (SBI) has started demonstration experiment for its digital currency S coin.
  • In this most recent project, SBI as well as its digital currency platform will cooperate with MoneyTap. 
  • On September 25, 2018, the SBI subsidiary, SBI Holdings began the trail of its very own digital currency which is termed as ‘S Coin’.

Recently Japan’s SBI Holdings (SBI) has started a demonstration experiment for its digital currency S coin. In this most recent project, SBI as well as its digital currency platform will cooperate with MoneyTap. 

Strategic Business Innovator Groups or SBI is a Tokyo based company which offers financial services. As per the data of October 2018, the SBI groups reached operating revenues of 52.9 billion yen. 

S Coin Trials Begun For The First Time In 2015

On September 25, 2018, the SBI subsidiary, SBI Holdings began the trail of its very own digital currency which is termed as ‘S Coin’. Consequently, SBI Holdings built a platform known as the S coin platform with the main purpose of catering digital currency features to users.

The S coin is referred to as the settlement coin which will essentially provide electronic money of prepaid payment means as per the firm. Initially, the team involved in the experimentation explained that they would create a cashless experience for people at eating and drinking establishments at the Roppongi 1-chome Izumi Garden Tower. However this was only the initial idea of the new Blockchain and the distributed ledger technology. 

SBI to Use Corda in Demonstration Experiment of “S Coin “

As mentioned above in its latest experiment venture with S coin SBI will collaborate with Money Tap. Money Tap is basically a smartphone application that handles remittance and settlements issues across many payment platforms. Moreover, the firm has announced that it has already started experimental procedures using Corda. The private consortium blockchain solution is specially designed for enterprise purposes.

In this demonstration experiment, the balance will be deducted from the available S coins. However, generally, it is expected to be deducted from the balance of the bank accounts. 

Throughout this entire process, SBI Holdings will utilise and increase the adoption of the Blockchain platform. Simultaneously, they will also promote a project dubbed as regional revitalization where they are to support the issuance of digital currencies in multiple regions. Obviously this would be done in the co-operation of the regional financial institutions.

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