The owner of 100% of SBI Bank shares, the Japanese holding SBI Holdings Inc. has revealed its financial results for the period, April-June 2020.
According to the report released on July 30, the profit of the company increased by 25.8%, before tax or 2778 million yen. The positive results were influenced by collaboration with Ripple & R3, as well as some other factors.
As for the “crypto asset fund” announced in the June state-of-business report, the company also plans to launch operations on SBI VC Trade, this September.
Crypto asset fund is offered as an anonymous pooling for individual investors and is expected to operate by Bitcoin (BTC), Ethereum (ETH), XRP, etc.
Note that share of XRP, takes domination positions in this fund.
Enterprise’ Operations During Coronavirus
The rush to lift restrictions in Japan was premature: the state of emergency was probably lifted too early, and the subsequent course of action was poorly thought out.
As noted by Professor of King’s College London, Kenji Shibuya to Bloomberg:
“The government should have had a proper strategy to contain the transmission as promptly as possible.”
However, as we can see, the pandemic did not stop the operations of SBI enterprise.
With the coronavirus pandemic, the company will also focus on the area of the blockchain supply chain. Thus, distributed ledger technologies (DLT) do an excellent job of dealing with these issues.
Focus On Ripple And Corda
Note that through the development of S coin, the company intends to connect the settlement company Ripple, which develops the virtual currency XRP, with the R3 “Corda” blockchain.
The SBI S-Coin Demo was based on the R3 “Corda” blockchain, but it is planned to link this to the “Money Tap” money transfer and payment application, which is based on Ripple technology.
The combination of Ripple and Corda technologies can certainly become a global standard. SBI has invested in Ripple and R3 and has a joint venture in Japan.
Ripple gained popularity due to the provision of technical solutions to reduce the cost of transactions and speed up the time of their execution in the banking system.
Opportunities to reduce operating costs and improve service have attracted the attention of financial institutions around the world.
The popularity of Ripple has opponents accusing the cryptocurrency of a lack of decentralization.
Another problem of XRP, is high volatility – due to the constant price surges, the XRP token is popular with speculators.
The internal cryptocurrency Ripple is used in one of the project’s products – xRapid. The commercial usage of the product began on October 1, 2018.