SBI, R3 Team Up to Promote Adoption of Corda Blockchain in Japan


0

Japanese financial services giant SBI Holdings and blockchain consortium startup R3 have formed a joint venture to boost the adoption of R3’s Corda platform in Japan and beyond.

Announcing the news on Tuesday, SBI said that the new venture, SBI R3 Japan, will be setting up and licensing the Corda platform for new customers, as well as providing collaboration with R3’s global offices and other Corda partners. Eventually, the plan is to expand the business across the Eastern Asian region.

SBI Holdings – which says it is the largest outside shareholder in R3 – has a 60 percent stake in the new entity, while R3 has 40 percent, the firm said. The venture launches with capital of 500 million yen (or $4.57 million).

Outside its operations in traditional finance, SBI Holdings is dipping its toes into a number of areas of blockchain-based finance. It notably operates Japan’s first bank-backed, government-licensed cryptocurrency exchange, VCTRADE, which was launched in June 2018 through its subsidiary SBI Virtual Currencies.

Last April, its Russian commercial bank subsidiary SBI Bank LLC joined R3’s Corda platform.

It’s also been working with another major blockchain tech provider, teaming up with Ripple last October to launch a consumer-focused blockchain money transfer app called MoneyTap. And, last week, it invested $15 million in Swiss startup Tangem, maker of a slimline hardware wallet for cryptocurrencies.

R3 most recently signed a deal with Dutch banking group ING, licensing the firm for use of Corda Enterprise across its services.

Tokyo image via Shutterstock 

Source : coindesk


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
coindesk

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format