- SBI Holdings, one of the biggest backers of Ripple, and R3 have announced a joint venture with its operations based in Japan.
- In August 2018, SBI Holdings made an investment in R3 which made them the largest outside shareholder of the blockchain firm.
SBI Holdings, one of the biggest backers of the Ripple technology, and R3 have announced a joint venture with its operations in Japan. SBI Holdings have contributed 60% of the capital and R3 has provided the other 40%. Both the companies made the following announcement about the new venture:
Company Name: SBI R3 Japan Co., Ltd.
Business: Provision of DLT platform Corda, and other related business
Address: Izumi Garden Tower, 1-6- 1 Roppongi, Minato-ku, Tokyo, 106-6019, Japan
Representative: Mamoru Fujimoto
Establishment: January 2019
Capital: JPY 500 million
SBI Holdings was part of a group of financial institutions who invested $107 million in R3 on May 2017. This was, at the time, the largest funding round in the history of Distributed Ledger Technology (DLT). In August 2018, SBI Holdings made yet another investment in r# which has made them the largest outside shareholder of R3. The joint venture will carry out the following activities:
- Support provision and introduce the Corda license
- Discover actual use-case
- Promote collaboration with overseas offices of R3 and other Corda partners.
- Develop Corda’s businesses in the Eastern Asian Region
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