Japanese financial services company SBI Holdings will soon partner with a distributed database technology company R3 to promote the use of its Corda blockchain platform in Asia. The news for the same was reported by Cointelegraph Japan on 5th December 2018.
Japan’s SBI Group is among few of those financial companies to trust blockchain technology and deal in cryptocurrencies. Apart from launching an international remittance app in partnership with Ripple, the financial institution have been actively involved in the number of blockchain and crypto projects including its own crypto exchange portal as well. Now with the news of a partnership with R3 coming up, it is believed that one more project in relation to blockchain or crypto has been started by the company.
Quoting the local news outlet Nikkei reported that SBI Group which is involved in multiple blockchain and cryptocurrency-related activities will create a ‘joint venture’ by expanding its existing investment in R3.
David Rutter, CEO of R3 upon speaking about the joint venture told Nikkei that “Europe is the most advanced in blockchain product development.” “The new joint venture will strengthen the Japanese language service, and promote adoption.”
The new partnership from R3 will help the company to extend its arms beyond Japan to cover the rest of Asia.
R3, presently focus on Distributed Ledger Technologies (DLT), such as blockchain that helps the company to increase the efficiency of their banking partners globally. Based in the United States, the company has managed to attract around 200 clients globally. Also, many of its partnering companies are using its platform for KYC compliance and AML purpose.
Unlike different partnerships, R3 has been recently involved in the deal with a group of French Banks which trailed Know-Your-Customer protocols through Corda platform. The software firm has also decided that it would be adding Ripple as the first cryptocurrency to their new decentralized app (DApp) for payments.
Reports are also there that R3 has started a blockchain consortium in which SBI has been actively participating.