MediaAuthority – Ripple’s Japanese partner, SBI Holdings, has said it will use Corda’s blockchain technology to drive currency trading on its platform.
In a joint press release, and according to a Nikkei report, SBI – a securities giant that also operates banking and crypto exchange services. Said they were involved in the deal Corda’s Mastermind, the blockchain consortium R3, led by the American software company of the same name.
The new blockchain functionality of the forex trading platform will be implemented in collaboration with CAC, a Tokyo-based system management service provider.
SBI said it is also interested in using blockchain functionality for its securities platform, SBI Securities.
The SBI foreign exchange platform is called SBI Liquidity Market (SBILM), and the company claims that blockchain technology will allow SBILM to automate the foreign exchange confirmation process. Making it a safer and faster alternative to email or phone confirmation solutions to offer.
The parties also said that the technology to be launched this month will support power margin trading, guarantee transaction identity on the SBILM platform, increase reliability, and enable “unlimited data connection” for a number of processes.
SBI joined the R3 consortium in 2016 and is considered its largest shareholder.
The move comes just months after the announcement of a new partnership agreement between SBI and R3 to accelerate and deploy the launch of Corda in Japan.
The agreement was made in January this year, as said David Rutter, CEO of R3
SBI is one of the most successful Corda users. With this partnership, we can better unite to support the growth of the Corda platform in the region.