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SBI Group CEO Yoshitaka Kitao announced a grand plan that could see R3 members use XRP more in depth while participating in the annual SBI financial results briefing. R3, or more specifically R3CEV LLC, is a distributed accounting company at the head of a consortium of over 200 companies with an interest in the corporate adoption of blockchain technology.
Their interoperable open source distributed accounting platform, Corda, is currently being used by the Bank of Canada in a proof of concept system in which, if success will see the adoption of a basic blockchain securities system and a traditional financial system which creates this cross-border currency network with other networks such as Project Star of the EU and Singapore Ubin.
13 months ago, the SBI group led a series of loans that saw R3 successfully collect $ 107 million. These funds have helped create a network that favors the adoption of blockchains by creating a platform where different parties can work on projects faster, more securely and efficiently by exploiting the distributed and secure nature of the underlying blockchain. The main objective of R3 is to be the largest consortium composed of major players in the financial and commercial sector.
Already the SBI group, whose main activities are distributed among financial services, biotechnologies and asset management, is part of the R3 Blockchain group. Together with other companies, they are actively testing blockchain-based solutions. Meanwhile, extra details are missing but the analysts' project that SBI Group would soon support the use of XRP by members of the R3 consortium following the successful launch of MoneyTap.
"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."
This new development is definitely positive for Ripple as they try to embark more influential banks on their network in line with Brad Garlinghouse's ambitions.
