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At the SBI financial results briefing, SBI Group CEO Yoshitaka Kitao announced that the company has already started discussions to create a R3 project that uses Ripple (XRP) more extensively.
"We have already started discussions to create a project to use XRP for R3. Using R3, XRP is used more extensively," Kitao He said.
SBI Group is one of the largest multi-billion dollar financial institutions in Japan operating with three core businesses in asset management, biotech and financial services. Since the creation of SBI Ripple Asia, a consortium of over 60 Japanese banks, the SBI Group has led the development and implementation of XRP-based products in Asia.
Why R3?
In May 2017, the SBI Group conducted a $ 107 million loan round for R3CEV, the largest blockchain consortium in the history of the industry that raised hundreds of millions of dollars to develop enterprise-class blockchain networks.
Since then, over the past year, the SBI Group has partnered with R3 to create a variety of blockchain-based systems that will be used by large conglomerates.
In April of this year, SBI Bank LLC, one of the leading banks in Russia managed by SBI Group, joined the Blockchain R3 consortium to cooperate with hundreds of financial institutions in the consortia in the testing of products based on blockchain.
"We consider the blockchain to be the fulcrum of FinTech innovation and we are working on various measures in both Japan and abroad, thanks to this effort, we believe we can contribute to the progress of the global blockchain industry," said SBI Group to & # 39; era.
According to local analysts who have covered the Briefing of the SBI financial results, the Japanese company has not released further details on the integration of XRP into the new project that the bank is currently developing.
But, considering the launch of MoneyTap, a mobile application that uses the Ripple network and in particular XRP to process cross-border transactions, analysts expect SBI Group to introduce a platform that uses XRP extensively and encourages other banks in the consortium R3 and SBI Ripple Asia uses XRP.
After a series of successful pilot tests, more than 61 Japanese banks are willing to use MoneyTap to cancel transactions abroad, accounting for more than 80% of the asssets and market share in the country.
Ripple & # 39; s Vision
At the start of this year, in an interview with CNBC, Ripple's CEO, Brad Garlinghouse, stated that the company intends to bring a dozen major banks onto its blockchain network.
"It was an incredible 2018 for us, we are signing a bank for a production contract a week, we announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so it is [Ripple] continues to build momentum and the dynamic there is the network effect. The more participants there are, the more value we join. So we are witnessing the construction of the moment, "said Garlinghouse.
The launch of MoneyTap and the new SBI Group project to use XRP more extensively could support Ripple's medium-term vision to integrate XRP into the existing infrastructure of major banks and financial institutions.
Close-up image of Shuttertock.
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