SBI, R3 Venture to Further Adoption of Enterprise Blockchain

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SBI, R3 Venture to Further Adoption of Enterprise Blockchain

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A notice released today by Tokyo-based financial service firm SBI Holdings has revealed a joint venture with R3 where it holds a major outside shareholder, to further the adoption of enterprise-grade blockchain solutions.

As per the notice, the joint venture is to be sited in Eastern Asia and will take JPY 500 million (USD 4,572,500)  to set up. Expectations include facilitating the introduction of Corda license as well as the adoption of Corda Enterprise — the consortium’s open source blockchain platform for modern-day business.

R3 is a consortium comprising of over 300 partners to include banks and regulatory agencies. It has made headway in getting its product out there, with a recent partnership with Dutch banking group ING granting the firm an operating license to use Corda Enterprise across its services.

SBI Holdings, on the other hand, has been quite active of late into digital asset platforms and blockchain industry as a whole. Bitcoin News previously reported on SBI’s recent USD 15 million investment into blockchain smart card wallet provider Tandem, being the third investment into wallet providers.

The notice further clarified on SBI’s position in expanding its investment role in the digital asset industry, which included “enhancing the ecosystem”. The financial firm has recognized blockchain as “the core technology of next-generation fintech”.

Apparently, mass adoption of blockchain industry has different phases which include the use of cryptocurrency in mainstream spending, institutional grade fintech maneuvering, and other non-fintech applications.

So far, the enterprise-grade framework takes up a bit of the fintech and non-fintech applications, making it an important facet of the industry expedient for the full maturity and mainstream adoption of blockchain-based products.

Large funds continue to flow from traditional firms into the blockchain ecosystem. This suggests that the blockchain quest may have moved from a hype driven hysteria to a conscious state of building sustainable fintech products.

Less than a week ago, Nasdaq was reportedly involved in a series B investment of about USD 20 million into enterprise blockchain platform Symbiont. The investment included Citi, Galaxy Digital, and Raptor Group as reported by Forbes which said that it “marks the latest escalation in an arms race among traditional exchanges looking to capitalize on the technology”.

 

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