The CEO of SBI confirms the work on a new Ripple project that uses XRP for R3 "More widely"

CEO of the SBI Group Yoshitaka Kitao was recently present at the Briefing of the SBI financial results, announcing the company's intention to work on a new project for R3. This project is already in talks to use Ripple's XRP token "in more detail". In particular, Yoshitaka Kitao He said,

"We have already started discussions to create a project to use XRP for R3. Using R3, XRP is used more extensively."

SBI Group operates within three core businesses, which are involved in asset management, biotech and financial services. As one of the largest multi-billion dollar financial institutions in Japan, they created SBI Ripple Asia. The group is a joint effort of over 60 banks, which made it possible to implement products focused on XRP in Asia.

The SBI group gained notoriety in May of last year when it led a financing round that brought $ 107 million in support for R3CEV. R3CEV is the largest group ever in the industry so far, and millions of dollars have helped them create new business-grade networks based on blockchain technology.

During the year SBI Group continued their efforts with R3 to create blockchain-based systems that meet the needs of large companies. In April, SBI Bank LLC joined the R3 blockchain group collaborate with other institutions to test products developed with blockchain technology.

At that time, SBI Group issued a statement, saying:

"We consider the blockchain to be the fulcrum of FinTech innovation and we are working on various measures in both Japan and abroad.With this effort, we believe we can contribute to the progress of the global blockchain field."

Local analysts who followed the briefing did not provide further details on the use of XRP in the new bank project. With the recent launch of the new MoneyTap app, which uses XRP and the Ripple Network in cross-border transactions, these analysts believe the SBI Group will end up launching a platform that will integrate others into the R3 consortium to also use the token.

ripple of The managing director, Brad Garlinghouse, sat at the beginning of the year in an interview with CNBC, commenting on his goal of bringing other major banks into their network. He said they managed to set up a production contract with a bank every week, including the National Bank of Kuwait. He added that Ripple,

"It continues to build momentum and the dynamic there is the network effect. The more participants there are, the more value we are joining in. So we are witnessing the construction of the moment".