SBI Plans To Use Ripple’s XRP With R3 Blockchain Group, Says SBI Group CEO Yoshitaka Kitao 


During the SBI Financial Results Briefing, SBI Group CEO Yoshitaka Kitao revealed that the firm has already begun the talks to create a project for R3 that uses Ripple’s digital asset XRP more extensively.

SBI Group is one of the largest multi-billion dollar financial institutions in Japan and since the creation of SBI Ripple Asia which is a consortium including 60 Japanese banks, SBI Group has been leading the development of XRP-based products in Asia.

R3 is an enterprise blockchain software firm that’s working with a massive ecosystem of more than 200 members and partners across various industries from both the private and public sectors.

A project that will use XRP for R3 is in the works

“We have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively,” Kitao said.

Back in May 2017 SBI Group led a $107 million funding round for R3 which is the largest blockchain consortium in the history of the industry which managed to raise millions of dollars to develop enterprise-grade blockchain networks.

CCN reports that taking into consideration the launch of MoneyTap which is a mobile app that uses the Ripple network and XRP to process cross-border transactions, analysts are now expecting SBI Group to introduce a platform that uses XRP even more extensively.

This platform is also expected to encourage other banks in the R3 consortium and SBI Ripple Asia to use XRP as well.

XRP had a great 2018

This has been an amazing year for Ripple according to CEO Brad Garlinghouse who said the following during an interview with CNBC:

“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.”

Coinbase also reported that they plan to add more tokens to their listings and the community is hoping that XRP makes it on the list as well.

Coins Mentioned

XRP

XRP

Icon
1xBit

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
Nitrogen Sports

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
7bitcasino

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
BitStarz

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
FortuneJack

Lorem Ipsum is simply dummy text of the printing and typesetting industry....

Exchanges
Icon
CEX.IO

Read Review - Website

Icon
Coinbase

Read Review - Website

Icon
Binance

Read Review - Website

Casinos
Icon
7bitcasino

Read Review - Website

Icon
BitStarz

Read Review - Website

Icon
FortuneJack

Read Review - Website

Sportsbook
Icon
1xBit

Read Review - Website

Icon
Nitrogen Sports

Read Review - Website

Icon
SportBet.io

Read Review - Website

Trending news

Binance

Trending news

Top Exchanges
Icon
CEX.IO

4.00

Read Review - Website

Icon
Coinbase

4.48

Read Review - Website

Icon
Binance

4.50

Read Review - Website

Top Casinos
Icon
7bitcasino

4.20

Read Review - Website

Icon
BitStarz

4.93

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Top Sportsbook
Icon
1xBit

4.03

Read Review - Website

Icon
Nitrogen Sports

4.73

Read Review - Website

Icon
SportBet.io

4.60

Read Review - Website

Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

1408 Articles
7255 Followers