SBI Holdings is a financial services company that is based in Japan.
Recently, they decided that they needed to collaborate with R3, which is in charge of the Corda blockchain platform. Together, they’ll be expanding the use of the platform, while SBI increases their investment to R3.
According to R3’s CEO, David Rutter, “Europe is the most advanced in blockchain product development. The new joint venture will strengthen the Japanese language service and promote adoption.”
Furthermore, the new partnership would make it possible for R3 to go beyond the borders of Japan to the rest of Asia.
Presently, R3’s focus is primarily on Distributed Ledger Technologies (DLT), making it easy to offer their banking partners greater efficiency. So far, the company has managed to collect around 200 clients globally, even though they are only based in the United States.
R3 has been involved in many deals and partnerships, like the recent group of French banks that trialed the Know-Your-Customer protocols from Corda. R3 itself decided that Ripple would be the first crypto that they would add to their new decentralized app for payments.
SBI has worked with Ripple’s token, XRP, which they recently established regulatory approval to use in joint money transfers.