SBI Group is one of the largest multi-billion dollar financial institutions in Japan that operates with three core businesses in asset management, biotech, and financial services. CEO Yoshitaka Kitao announced that the firm has already begun the discussions to create a project for R3 that uses Ripple (XRP) more extensively.
“We have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively,” Kitao said in a speech.
SBI Group has worked with R3 to create a variety of blockchain-based systems to be utilized by large-scale conglomerates since they led a $107 million funding round for R3CEV in May 2017.
“We regard blockchain as the core of FinTech innovation and are working on various measures both in Japan and abroad. Through this effort, we believe that we can contribute to the progress of the global blockchain field,” SBI Group said at the time.
In April of this year, SBI Group in Russia joined the R3 blockchain consortium to cooperate with hundreds of financial institutions within the consortia in testing blockchain products.
The Japanese firm has not released any additional details regarding the integration of XRP in the new project that the bank is currently developing, according to sources.
Analysts expect SBI Group to introduce a platform that extensively utilizes XRP and that encourages other banks in the R3 consortium as well as SBI Ripple Asia to use XRP.
“It’s been an incredible 2018 for us. We’re now signing up one bank to a production contract per week. We announced that we signed the largest bank in Kuwait, the National Bank of Kuwait, so it [Ripple] continues to build momentum and the dynamic there is the network effect. The more participants, the more value in joining. So we’re seeing that momentum build,” Garlinghouse said.
The Ripple CEO also stated that the company intends to bring a dozen of major banks onto its blockchain network.
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