When it comes to the adopters of cryptocurrency, Japan’s SBI Group is among the leaders. It has done many things to prove that. Not only it has launched an international remittance app in partnership with Ripple, but it has also been working on a number of other crypto and blockchain projects, including its own crypto exchange. Now it turns out that one more such project is being started by the group in partnership with R3.
That’s right. According to a recent news report published by local news outlet Nikkei SBI Group is planning to expand its partnership with R3 and create a joint venture that would promote the use of Corda blockchain in Asia. Speaking about the joint venture R3 CEO David Rutter told Nikkei:
“The new joint venture will strengthen the Japanese language service, and promote adoption.”
R3 is a US-based startup behind one of the most popular public blockchains called Corda blockchain. It aims to increase efficiency for its banking partners with its products and services, so it’s not surprising that it had a partnership in place with Japan’s SBI Group as well. Its clientele of more than 200 banks is spread across the world, and many of its partners are using its platform for KYC compliance and AML purposes.
R3 had also started a blockchain consortium of which SBI is a member. R3 has also launched a universal payments settlement platform called Corda Settler that makes use of XRP. Clearly, the love of these two firms is in the air.
Now it will be interesting to see which other initiatives are undertaken next by these two companies collectively, and how they promote Corda in Asia. Let’s wait and watch.