R3 has been busy with its partnerships around the world as it has announced a partnership with Japan’s biggest banking consortium, SBI Holdings to drive Corda adoption.
The partnership with SBI Holdings and R3 was announced previously last year. In addition, as per the press release by SBI, it became the largest shareholder in R3 through investment. Moreover, SBI Holdings will have access to Corda licenses in Japan, but with the new terms, SBI Holdings will support collaboration with overseas bases of R3 companies and Corda partners.
SBI Holdings’ official website stated:
“We are also considering business development not only for Japan but also for East Asia. The SBI Group is expanding its capital and alliance with digital asset-related venture companies to build digital asset-based ecosystems.”
The joint venture between SBI Holdings and R3 will be called, “SBI R3 Japan Co., Ltd” and their work will include a provision of CORDA, distributed ledger platform, and a set of related work.
The head office for this venture will be located at Izumi Garden Tower 1-6-1 Roppongi, Minato-ku, Tokyo, with an investment ratio of SBI at 60%, while that of R3 is 40%.
R3 is a US FinTech company with strengths in blockchain related technology [Distributed Ledger Technology], developing and maintaining Corda which is a distributed ledger technology platform. R3 has over 250+ partners spread across the world and it has added another partner to its list, ING bank, which will make use of Corda’s payment solutions.
With Ripple being in partnership with SBI, it will pave new paths for Ripple and XRP in becoming a standard for payment settlement instrument.
@Crypto_ginger, a Twitter user replied:
“Yeah, the Asian market is about to take off. And how fitting, right before the 2020 Olympics. Japa IS looking to go cashless by then.”
Another Twitter user @crypto_Daz, commented:
“SBI is an awesome Ripple customer and they are bullish on XRP.
R3 and Ripple have a rocky past, but kissed and made up the end of 2018. R3 made XRP the first crypto on their program. This may be really good news for Ripple and XRP.”
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