SBI Group CEO Yoshitaka Kitao was recently in attendance at the SBI Financial Results Briefing, announcing the firm’s intention to work on a new project for R3. This project is already in talks to utilize Ripple’s XRP token “more extensively.” More specifically, Yoshitaka Kitao said,
“We have already begun discussions to create a project to use XRP for R3. By using R3, XRP is used more extensively.”
SBI Group operates within three core businesses, which are involved in asset management, biotech, and financial services. As one of the biggest multi-billion-dollar financial institutions in Japan, they created SBI Ripple Asia. The group is a joint effort of over 60 banks, which have made it possible to deploy products that are centered around XRP in Asia.
SBI Group earned notoriety in May last year when they led a funding round that resulted in $107 million in support for R3CEV. R3CEV is the biggest group to ever exist in the industry, so far, and the millions of dollars in funding helped them to create new enterprise-level networks, built upon blockchain technology.
Through the year, SBI Group has continued their efforts with R3 to create blockchain-based systems that are capable of handling the needs of large-scale companies. In April, the SBI Bank LLC joined the R3 blockchain group to work with other institutions to test out the products developed with blockchain technology.
At the time, SBI Group released a statement, saying,
“We regard blockchains as the core of FinTech innovation and are working on various measures both in Japan and abroad. Through this effort, we believe that we can contribute to the progress of the global blockchain field.”
The local analysts that covered the briefing there have been no additional details about the use of XRP in the bank’s new project. With the recent launch of the new MoneyTap app, which uses XRP and the Ripple Network in cross-border transactions, these analysts believe that SBI Group will end up launching a platform that will integrate others within the R3 consortium to use the token as well.
Ripple’s CEO, Brad Garlinghouse, sat down earlier in the year in an interview with CNBC, commenting on his goal of bringing in more major banks to their network. He said that they have managed to set up a production contract with a bank each week, including the National Bank of Kuwait. He added that Ripple,
“continues to build momentum and the dynamic there is the network effect. The more participants, the more value in joining. So, we’re seeing that momentum build.”