SBI Holdings has launched the demonstration experiment of S Coin Platform using the R3’s Corda blockchain solution, the firm says, adding that it is linking the Ripple-based MoneyTap to the demonstration process for easy usage.
SBI Holdings in a release today says the cryptocurrency issuing platform S Coin will now be using the Corda blockchain technology that is already being used by almost 85% of banks in Italy.
The business conglomerate says it is through with the deployment of the S Coin platform and initiated a demonstration process within the SBI Group employees this July 2020. Corda, deployed by SBI Holdings, is a blockchain solution designed for enterprise.
With the linkage with Corda, anyone can issue a unique digital currency on S Coin. SBI says it issued an e-money “S Coin” during the demonstration.
SBI designed a mechanism that perfectly works with S coin platform and Ripple-based MoneyTap, an app for transferring funds directly into bank accounts. The application does fund transfer almost immediately at a very low cost compared to what is obtained in the remittance industry.
SBI maintains that linking MoneyTap and S Coin platform eases the mode of transfer and enhances dealings with S Coin. Payment can be done on the S Coin platform with any merchant supported by Money Tap. The idea is to promote regional revitalization agenda, SBI said.
The demonstration experiment is geared towards authenticating the performances of the S Coin platform as SBI Holdings “plan to use it as a local currency issuance platform in the future.”
Meanwhile, in 2019, SBI said it changed to R3 from Orb and would use XRP for S Coin’s global expansion strategy.
SBI Holdings, Ripple and R3
SBI is becoming a strong force in the cryptocurrency and blockchain industry. Aside from deploying MoneyTap through a consortium of banks under the umbrella SBI Ripple Asia, the conglomerate also makes use of XRP digital currency and promotes the ideas to businesses and shareholders.
SBI created SBI VC Trade as an exchange centered on XRP token. Since launch, the exchange has been giving account holders some XRP tokens once their account is verified.
Beyond that, SBI also has a link with R3 being an investor and the creator of SBI R3 Asia, a consortium of financial institutions promoting R3’s blockchain technology.
SBI’s Director, Yoshita Kitao, is among Ripple’s board of directors since SBI Group has shares in the blockchain enterprise firm. SBI settled the lawsuit between R3 and Ripple, and keeps on creating links between the two firms.
Banks in Italy Deploying R3’s Corda for Data Transfer
Nothing less than 85 percent of banks in Italy, around 55, are making use of R3’s Corda blockchain for transaction logs double-checking, NewsLogical can confirm. The development is a sign that more financial institutions are recognizing the relevance of blockchain technology.