Japanese Banks Plan Blockchain Currency Exchange
A group of Japanese financial institutions is looking to create a blockchain-based platform they could leverage to cut costs on domestic and foreign exchange services. Announced today, initial members include the Bank of Yokohama and SBI Sumishin Net Bank. Those involved in the effort will work with distributed ledger tech startup Ripple to develop the platform. SBI Holdings, which owns SBI Sumishin Net Bank and has invested in startups working with the technology in the past, said in a statement that as many as 15 banks are expected to take part in the initiative when it formally launches....
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A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....
42 banks are joining a newly-created Japanese blockchain consortium to enhance the cross-border payment industry. The consortium will focus on research and development, and will cover domestic and foreign exchange services by utilizing blockchain technology. SBI Holdings and Ripple Asia Launch 42 Bank Consortium. .The Japanese blockchain organization....
A new consortium of Japanese banking and financial services giants will seek to use blockchain technology to provide domestic and foreign exchange services. Japanese financial services giant SBI Holdings and its subsidiary SBI Ripple Asia, have collaborated to launch a consortium that will seek to use blockchain innovation – the technology underpinning bitcoin – in new payment and settlement services from October 2016. A press release [PDF] from SBI Holdings has revealed that the consortium will be named the “Consortium for Considering Blockchain Technology to Centrally Provide Domestic....
Amid the global push for stablecoin adoption, recent reports claim that three major Japanese banks are preparing to issue a yen-pegged token for global settlements before the end of the year. Related Reading: Trump Family’s Crypto Fortune Soars To $1B, Eric Trump Says ‘Probably More’ – Report Japanese Megabanks To Rollout Stablecoin This Year On […]
Leading Asian Bitcoin exchange, Coincheck launched in 2014 just as drama in the industry was at an all-time high. Mt. Gox, led by Mark Karpeles, was in the midst of a drawn out and damaging bankruptcy. Media attention was at an all-time high, especially in Japan, where Mt. Gox had been headquartered. Media reports were oft misleading about the true relationship between Mt. Gox and the digital currency, Bitcoin. “Every media outlet in Japan broadcasted Mt. Gox as Bitcoin implanting misleading impressions to the Japanese people,” said Coincheck’s Lead of Business development, Kagayaki....