Cryptocurrency

Ripple Has Potential for the International Payments Says the Financial Report by Japanese SBI Holdings

On 31st Jan, SBI Holdings, the Japanese finance big shot shared its ‘nine-month’ Financial Report. The Reports talks about the capacity of Ripple XRP for cross border payments. In order to attain international levels for activities such as international payments, trade finance, and related large scale transactions and financial operations, Ripple and blockchain consortium R3 are the main ingredients of the Japanese SBI’s strategy.

The report covered several aspects such as placing Ripple as an entity that can be used for cross border remittance. R3 has also been discussed, and as per the fiscal report, it can be used to build on projects that go beyond the financial industry with the help of smart contract based technology. Under the subheading of ‘SBI’s Keynote Talk at R3’s CordaCon Tokyo’ last year in March, there is a mention of endeavors of solving the R3 and Ripple legal issues. There are also two more points about ‘developing financial services for use with Corda’ and to ‘Leverage XRP by using Corda.’

As per the report, Ripple will be the first digital currency which R3’s Corda Settler will support. Both the traditional and the blockchain technology-based international payments will be sorted on the Corda Blockchain. It has become possible with the help of the decentralized application.

Another section of the report dealt with the usage of R3’s Corda on the S Coin platform- ‘Corda Settler.’ It read as the following-

“Using R3’s Corda on the S Coin platform Corda Settler global settlements application.

  • Corda Network, to be launched in 2019, will allow smoother transfer of data and digital assets by connected banks and Fintech companies.
  • XRP, as the first cryptocurrency supported by Corda Settler, demonstrates a high affinity with Corda.
  • Transitioning to a highly convenient global platform through the introduction of Corda Settler on the S Coin platform Future expansion.
  • Expanding the range of use and planning for adoption at Expo 2025 in Osaka, which will draw in people from around the world.”

On the other hand recently on Jan 30th, R3 was in the news due to other reasons. As per the reports from Cointelegraph, the major international banking payment network ‘SWIFT’ shared its future plans to release a ‘Proof of Concept’ (PoC) of a gateway. The gateway ‘dubbed GPI Link’ will permit the enterprise blockchain software firm R3 to establish a link to GPI (Global Payment Innovation) payment from their platform.’

On Jan. 30th, at the Paris FinTech Forum, The CEO of SWIFT- Gottfried Leibbrandt told the panel-

“Our new GPI platform is extremely interoperable and open, and we have always had links to other networks. […] we are announcing later today (30th Jan.) a ‘Proof of Concept’ with R3 blockchain on trade, where you can initiate a payment on the trade platform, and then it goes into GPI. So we are exploring interconnectivity with a lot of things.”

In the early December last year, SBI Holdings established ‘Vctrade.’ It started taking deposits in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.
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