SBI Holdings, in a joint statement with blockchain technology provider R3 Holdo LLC, announced this Tuesday that they have agreed to establish a joint venture, which was set up this month. The main focus of this collaboration is to support the provision and introduction of the Corda license, the statement said.
The name of the new venture is SBI R3 Japan Co., Ltd., with SBI Holdings having an investment ratio of 60 percent in the company and R3 contributing 40 percent. The company has a capital of ¥500 million (around $4.6 million).
Discover iFX EXPO, Your Gateway to Asian Markets!
Corda is R3’s blockchain. In addition to the focus on the Corda license, the joint venture will also arrange schemes for the use of the Corda license before it is introduced, as well as promote collaboration with R3’s overseas offices and other Corda partners.
While SBI R3 Japan, as the name suggests, will be based in Japan, it also intends to develop its businesses throughout the Eastern Asian region. Its address is Izumi Garden Tower, 1-6-1 Roppongi, Minato-ku, Tokyo, 106-6019, Japan.
SBI Holdings, based in Hong Kong, is a subsidiary of SBI Group, a finance corporation based in Tokyo. R3, which is headquartered in New York, has more than 300 finance companies as members, and as a result, has never wanted for investment money. SBI Holdings joined the consortium in March 2016.
SBI Holdings continues to support R3
SBI Holdings, however, is the largest outside shareholder of R3. In December of 2018, SBI strengthened its partnership with R3 by collaborating with the US firm to promote the use of its blockchain, Corda, in Asia, as Finance Magnates reported.
Back then, the CEO of R3, told the news source Nikkei that the entities were embarking on a “joint venture.”
“Europe is the most advanced in blockchain product development. The new joint venture will strengthen the Japanese language service, and promote adoption,” he said.