Quoting the domestic news outlet Nikkei, the article uncovers that SBI, which is occupied in multiple cryptocurrency and blockchain-related endeavors, will spread out its existing R3 investment to develop a promotional “joint venture.”
In an interview, R3 CEO David Rutter told Nikkei “Europe is the most advanced in blockchain product development.”
“The new joint venture will strengthen the Japanese language service, and promote adoption.”
The company added that its R3 tie-up would encompass the wider area of Asia beyond Japan. R3 centers on using Distributed Ledger Technologies (DLT), such as blockchain, basically for banking associates to improve efficiency. The start-up is based in the United States and has clients worldwide, which presently amount nearly 200.
French banks completed a Know Your Customer (KYC) trial on Corda earlier this week, while R3 also announced that Ripple (XRP) would be the first cryptocurrency to be added to its DApp payments.
SBI is also deeply entrenched in XRP, which received Japanese regulatory approval in September for its joint money transfer operation SBI Ripple Asia.