SBI Group intends using XRP broadly for R3

SBI Group intends using XRP broadly for R3
Nov 2, 2018 by Rico Wise

SBI Group is one of the biggest multi-billion USD Japanese financial institutions, which conducts activities with three essential businesses in the asset management, biological technology, and financial services. Starting from the establishment of SBI Ripple Asia, an association of over 60 Japan-based banks, SBI Group has directed further advancement and release of Ripple-based production in Asian region.

Last year, in May, the SBI Group was leading the fundraising round for R3CEV with 107 million USD contribution. R3CEV is the biggest blockchain association in the history of blockchain industry, which gathered hundreds of millions of dollars for the advancement of enterprise-grade blockchain platforms.

After that, during the whole past year, the financial giant has cooperated with R3 to develop an array of systems based on blockchain technologies to be used by large-scale business groups.This April, the SBI Bank LLC, a dominant bank in Russian Federation under the direction of SBI Group, has joined the R3 blockchain association to collaborate with the many financial organizations of the association in trials for the blockchain production.

The Japanese analysts reported that the SBI Group did not reveal any details as to the integration process for the Ripple digital currency in the new initiative that is now being developed by the bank. However, they expect the company to provide a network that broadly uses XRP currency and incentivizes other banking institutions of the R3 association, including SBI Ripple Asia to utilize XRP coins.