Japan’s Banks & Blockchain

Note from the CEO:  Following similar consortiums in Russia and Europe, and America’s R3 consortium, Japan’s SBI financial services group roped in 42 banks to join their “gang”. SBI also had just announced its own digital currency exchange in Japan. Cross-border payments are going to get easier.

Forty-two local and regional banks in Japan have joined a new blockchain consortium focused on cross-border payments. 

Launched by financial services group SBI and a joint venture co-launched with distributed ledger startup Ripple, the consortium’s membership includes a wide range of both large and smaller institutions. The launch of the consortium comes days after SBI announced that it would establish its own digital currency exchange in Japan. 

Those involved in the project plan to share resources and collaborate on a cross-border proof-of-concept, with an eye to create a basis for commercial-scale products next year.”

Read Full ARticle at CoinDesk