Will SBI start using XRP token?

During a briefing with SBI Financial, CEO Yoshitaka Kitao said that the company has already begun negotiations on a new project to use Ripple by R3.

The SBI Group is Japan's largest financial services company with activities in the fields of biotechnology, financial services and asset management. Since the creation of the consortium of 60 Japanese banks, SBI Ripple Asia, the Group has decided to lead the development and implementation of XRP products in Asia.

Back in May last year, the SBI Group led the funding of R3CEV, which is the largest consortium in the digital industry and has raised millions of dollars to help develop enterprise blockchains.

Throughout this year, the SBI Group has been collaborating with R3 to develop various blockchain systems that could be used by merchants giants.

In April this year, SBI Bank LLC, a large Russian bank that is managed by the SBI Group, teamed up with the blockchain consortium R3 to test blockchain products along with many other financial institutions in the consortium.

The company, however, did not provide any further details about the adoption of XRP in a new project being developed by the bank.

Given the launch of MoneyTap, a mobile application that uses the network Ripple to process cross-border transactions, analysts expect SBI Group to introduce a platform that will use XRP and encourage SBI Ripple Asia and other banks in the R3 consortium to use it.

After successful completion of testing, more than 60 Japanese banks are now set to use MoneyTap for cross-border transactions. The consortium accounts for 80% of the total Japanese market share.

According to cryptodaily.co.uk