A joint venture between financial services firm SBI Holdings and blockchain consortium startup R3 has been announced, in a move to promote the adoption of the Corda platform by R3 in Japan and other countries in East Asia.

SBI revealed that the joint venture, SBI R3 Japan, will focus on establishing and licensing the Corda platform while reaching out to other R3 offices worldwide as well as other Corda partners, in order to ultimately offer the service in multiple countries in the Eastern Asia region.

According to the company, the proportion of shares divided between SBI Holding and R3 is 60:40, and the joint venture had been funded with a capital of 500 million yen ($4.57 million). Due to the deal, SBI Holdings is now the outside shareholder with the highest number of shares in R3.

Apart from dealing with traditional financial transactions, SBI Holdings has been introducing other blockchain-based finance services, such as VCTRADE, the first cryptocurrency exchange to be backed by banks and licensed by the government in Japan. The exchange, introduced through its subsidiary SBI Virtual Currencies, was launched last year in June. Moreover, in April 2018, the company’s commercial bank subsidiary in Russia, SBI Bank LLC, made the move to join R3’s Corda platform.

In October 2018, the company joined hands with major blockchain technology provider Ripple to introduce MoneyTap, an application for blockchain money transfer. SBI Holdings also recently announced an investment of $15 million in Swiss startup Tangem, the maker of a slimline hardware wallet for cryptocurrencies.

Meanwhile, R3 has entered into an agreement with Dutch banking group ING, which will enable the bank to use the services of Corda Enterprise in its businesses

Source: www.coindesk.com

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