The Strategic Partnership of SBI Groups Ripple Inc. And R3 Could Revolutionize the Entire Payment Industry

SBI Group is a very large and popular Japan-based financial services firm. The financial services firm has investments in sectors such as Biotechnology, energy, environment, mobile/wireless, life science, information, and Technology. SBI Holdings Inc. alongside its subsidiaries engages in the investment activities and online financial services businesses in Japan and across the globe.

The most popular and crucial in the digital currency space is the strategic collaboration with firms such as Ripple Inc. or R3 and several others. The firm might rounded up a circle of joint venture partnerships which means a lot, even though it might seem random on the surface.

These partners include Ripple Inc. and R3. Ripple is a financial services firm based in the United States. The firm is trying to disrupt the financial and banking industry with its blockchain-based payment solutions and products. Whereas, R3 is an enterprise blockchain software firm that is involved in research and development of Distributed Ledger Technology.

SBI Ripple Asia Co., Ltd.

Ripple Inc. has partnered with more than 200 financial services firms and banks all over the world. The firm is leveraging on its blockchain-based products such as xCurrent, xVia, xRapid, and RippleNet to process payments in a more secure, transparent, fast and cost-effective way than traditional payment systems.

The partnership between Ripple Inc. and SBI Group resulted in the creation of a joint venture dubbed “SBI Ripple Asia Co. Ltd.” The joint venture Ripple and SBI Holdings is aimed at providing a next-generation payment platform that is driven by Distributed Ledger Technology (DLT) to remittance service providers and financial institutions in Asia.

Moreover, the joint venture is also aimed at creating a next-generation payment platform for domestic and international use which will significantly reduce the cost and time required for remittance services to be completed. MoneyTap was one of the most vital outcomes of this collaboration.

XRP (XRP) Price Today – XRP / USD

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MoneyTap utilizes the xCurrent Distributed Ledger Technology of Ripple to facilitate inter-day banking transfer; this provides all customers in Japan round-the-clock payments service. Yoshitaka Kitao – the CEO of SBI Group – has always been bullish on the second largest digital currency in the world – XRP (XRP). The CEO plans to use the digital currency to capture the financial industry of Japan.

In a statement, the CEO said: “XRP is cheaper, faster, and more scalable than any other digital currency. I strongly believe it will become the global standard in digital currencies.”

On the 10th of September last year, Ripple Inc. and R3 settled their legal dispute; this is what paved the way for the partnership between SBI and R3.

SBI R3 Japan Co. Ltd.

R3 leads a consortium of more than 250 central banks, banks, and financial industries in research and development of DTL. The enterprise blockchain software firm collaborated with SBI Holds to create a joint venture called “SBI R3 Japan Co. Ltd.” On the 28th of January this year.

R3 is more focused on the maintenance, development, and marketing of its app – Corda. Corda is an open-source blockchain project that allows the creation of interoperable blockchain networks that transact in privacy using their smart contract technology.

The firm recently announced the launch of its application. Adding that the app will use XRP (XRP) as a currency for settling transactions. SBI Holdings is aimed at using the partnership of Ripple and R3 to extend a solution across all industry and sector which isn’t only faster but tamper-proof and secure.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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