SBI and R3 merge to form a company to support Ripple in Asia! XRP momentum continues with listing on major exchange Bitbox!
In January 2019, it was revealed by Nikkei that the American blockchain system developer R3, a venture company, and SBI, a major Japanese financial group, would establish a joint company.
SBI Holdings will establish a joint venture with US-based R3, which develops blockchain (distributed ledger technology), in January 2019.
In Asia, including Japan, the aim is to promote the deployment of the core blockchain platform "Corda".
R3 CEO David Rutler revealed this in a press conference with Nikkei.
Quotation:Nikkei
The relationship between R3 and SBI runs deep; during litigation between R3 and Ripple, SBI acted as an intermediary to facilitate a settlement.Lawsuit
It is said that behind the establishment of the joint company, the goal is to promote the adoption of the blockchain foundation developed by R3, “corda (Corda).”
Source: SBI Settlement Materials
What is corda (Corda)? Is XRP used as the settlement currency?!
cordarefers to the distributed ledger technology for financial institutions that was led by R3, which opened as open source in November 2016 and is being co-developed by about 70 companies worldwide.Distributed Ledger Technology.
Source: SBI Settlement Materials
The main advantages of corda (Corda) are mainly three fold:
- Multiple financial institutions can share information in real time
- Simplification of document creation and mailing procedures
- Shortened settlement periods in trade finance
Regarding the third item, “shortened settlement periods in trade finance,” SBI has published data in its financial statements.
According to SBI's financial data, in another experiment conducted by UBS, the settlement period in trade finance wasreduced from one week to one hour, achieving a reduction to 1/168 of the previous time.
Source: SBI Settlement Materials
What is the relationship between R3 and Ripple?!
For a long time,Lawsuithas been contested between R3 and Ripple, but with SBI’s efforts, they reached asettlement. For details,here.
That relationship between R3 and Ripple has shown arecent rapid improvementin recent times.
A good example of this is that Ripple's cryptocurrency "XRP" was chosen as a settlement asset for R3’s generic production app Corda Settler.
R3 is proud to announce the release of Corda Settler, an open source CorDapp that allows#Cordausers to settle using any payment method. The first payment rail enabled for Corda Settler is the#XRPLedger. Read the press release here -buff.ly/2RFI3WY
Regarding the adoption of XRP as the settlement currency, R3’s CTO Richard Gendal Brown stated the following.
“The introduction of Corda Settler, and the fact that Corda Settler will support XRP as the initial settlement mechanism, is an important first step showing how a powerful ecosystem nurtured by two major cryptocurrency and blockchain communities can collaborate in meaningful ways globally.”
“All forms of digital assets and traditional assets can be Settler-enabled, but the demonstration using XRP is a logical next step in showing how digital assets can be widely accepted and used for value transfer and payments.”
Ripple (XRP) listed on major cryptocurrency exchange Bibox
Following SBI and R3 establishing a joint company to support Ripple in Asia, it has been revealed that the major cryptocurrency exchangeBiboxwill listRipple(XRP).
CoinMarketCap, which lists cryptocurrency market data, shows Bibox as a major exchange ranking in the top 10 by 24-hour trading volume.
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