Last week, SBI Holdings announced it signed an MoU with Sumitomo Mitsui Financial Group (SMBC) to discuss the sale of shares of SBI R3 Japan.
SBI R3 is a joint venture (JV) between SBI Holdings and enterprise blockchain firm R3 to push the adoption of the Corda blockchain technology in Japan. In 2019, the two set up the company, which currently has a registered capital of JPY 500 million ($4.6 million). SMBC wants to take part in the joint initiative by acquiring a 14% stake, leaving R3 with 35% and the majority with SBI.
U.S.-based R3 is the original developer of the open-source Corda distributed ledger technology (DLT) and has more than 300 partners around the globe. Some of the use cases being deployed on Corda include finance applications such as syndicated loans, trade finance, insurance, as well as real estate, supply chains and others.
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