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Blockchain Firm R3, Japan SBI Holdings To Establsih Joint Venture next year
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The Japanese financial services giant SBI Holdings collaborates with the blocker software company R3 in New York to establish a joint venture in January 2019.
The Japanese news Nikkei reported that SBI Group is expanding its partnership with R3 and has set up a joint venture that will promote the use of the Rca blockchain. The partnership should extend beyond Japan to cover the wider Asian region.
"Europe is the most advanced in the development of blockchain products," said R3 CEO David Rutter in Nikkei. "The new joint venture will strengthen the Japanese language service and promote adoption".
In October this year, the two companies announced they were planning to create SBI-R3, a prototype of SBI-Ripple Asia that launched a "MoneyTap" cross-border payment application, to increase the adoption of Ripple XRP. SBI has a stake of around 10% in Ripple and is also the main shareholder of R3.
After resolving the dispute between Ripple and R3 on technology contracts and joint venture agreements, Yoshitaka Kitao, president and CEO of SBI Holdings, invited R3 to create a project that uses XRP as soon as possible.
At the start of this week, R3 launched Corda Settler, an app for payments on the Corda blockchain platform. The app has made XRP the first worldwide recognized cryptocurrency to be supported by the app, a move that brings XRP and Corda ecosystems into "closer alignment".
At the time, Richard Gendal Brown, CTO of R3, said that the deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step to show how the powerful ecosystems cultivated by two of the most influential world the crypto and blockchain communities can work together.
