Ripple and R3 Will Leverage XRP to Become ‘Global Standard’ for Financial Operations: SBI Holdings
Japanese financial giant SBI Holdings says Ripple and R3 are utilizing XRP in different ways to reshape how value is transferred around the world.
A new financial report from SBI outlines Ripple’s focus on tackling international remittance bottlenecks for banks and financial institutions. Meanwhile, according to the report, R3’s new Corda Settler aims to expand beyond the world of traditional finance by giving a wide variety of companies the ability to use smart contract blockchain technology to move money.
Both companies are adopting XRP as a means to move money across borders. R3 recently announced its Corda Settler, which uses blockchain technology to settle transactions between crypto and traditional assets. The protocol is using XRP as its first crypto payment rail.
Meanwhile, SBI CEO Yoshitaka Kitao just gave a speech on the potential impact that Ripple and R3 can have on international payments and on the future of the global payments standard Swift.
"Swift have run out of options, Swift have given up on what they can do internally"
"We have to have a global standard, if you use Corda's settler, with XRP embedded in it, so thats good for Ripple, for Corda r3, its win win, and we (SBI) are the largest share holders of both." pic.twitter.com/TsWBFh3syy
— Dillon (@Dillon) January 31, 2019
On Wednesday at the Paris Fintech Festival, Swift announced it will link to R3’s Corda Settler.
SBI Holdings is an investor in both Ripple and R3. You can check out the full report from SBI here.