Bitcoin
$64,783.26+5.27%
Ethereum
$3,107.22+3.61%
Binance Coin
$560.55+2.47%
Solana
$143.67+9.92%
XRP
$0.50114455+2.20%
Toncoin
$7.16+19.13%
Dogecoin
$0.15238405+4.97%
Cardano
$0.46297212+4.48%
Shiba Inu
$0.00002279+4.43%
Avalanche
$35.49+4.22%
Wrapped Bitcoin
$64,794.64+6.74%
Tron
$0.10915088-0.70%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
10
HR
32
MIN
28
SEC
Markets

SBI Ripple Asia to Test Blockchain Bank Transfers Between Japan and South Korea

SBI Ripple Asia will reportedly start testing its blockchain-based funds-transfer system between Japanese and South Korean banks by the end of 2017.

By Rachel-Rose O'Leary
AccessTimeIconSep 12, 2017 at 2:30 p.m. UTC
Updated Dec 10, 2022 at 8:18 p.m. UTC
Korean won coins
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

SBI Ripple Asia will reportedly begin testing a funds-transfer system using digital ledger technology (DLT) between Japanese and South Korean banks by the end of 2017.

The company – a joint venture between Toyko-based financial services firm SBI and DLT payments startup Ripple – has already led a consortium of banks to complete a pilot implementation using Ripple's technology within Japan earlier this year. According to local media, SBI Ripple Asia will now work alongside blockchain and AI solutions provider DAYLI Intelligence for the expansion of the scheme into South Korea.

SBI Ripple Asia was founded in early 2016, with an eye to amplifying the use of Ripple products and services in Asian markets, as previously reported by CoinDesk.

The venture is also planning a program, commencing in October, to train engineers from around 20 companies in blockchain and cryptocurrency technologies. Companies involved include Nomura Research Institute, Toppan Printing and NEC, reports indicate.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple. 

Korean coinshttps://www.shutterstock.com/image-photo/south-korea-won-618214715?src=WFwam2EAxYPLbFL69H0XQg-1-38 image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.