Ripple partner SBI Holdings begins using R3 blockchain

Ripple partner SBI Holdings has begun to use R3 blockchain technology for FX margin trading, according to a report by Japanese outlet PR Times.

Use of the technology is confined to the company itself, with the firm tracking through prior order history to prevent human error.

“We have reduced the operational risk in the confirmation business and ensured high privacy protection and tamper resistance. In addition, the blockchain guarantees the identity of transaction data between the parties and improves the reliability of collation work. Furthermore, the real-time transmission of information enables seamless data linkage to back office work.” SBI Holdings said in a statement.

The $ 33 billion remittance market in Korea. CoinOne Transfer will partner with Ripple and SBI Holdings' SBI Ripple Asia joint venture SBI Ripple Asia for the first time in BC based money transfer service, Cross. #XRP#xrpthestandard#XRPCommunity https://t.co/ksHilqv81r

— XRPWarrior (@XRP_Warrior) April 15, 2020

R3 DLT-based Corda will initially be used by both SBI Securities and SBI Liquidity Market, with expansion to companies outside of SBI Group also being considered.

The move from SBI Group to use blockchain technology is a huge step for the industry as a whole with it also highlighting Ripple’s positive results when it comes to global partnerships.

Ripple’s rumoured partnership with the Bank of America was confirmed by one of the bank’s executive’s last week, who went on the hail the project as being innovative.

For more news, guides and cryptocurrency analysis, click here.