Called SBI Ripple Asia, the new company aims to focus on expanding the use of Ripple products and services through sales and engineering efforts focused on Asian markets including China, Korea, Japan and Taiwan.
The announcement comes amid a broader push by SBI Group to make its interest in the blockchain and distributed ledger technology known, and amid a shift in Ripples strategy to emphasize the value of its solutions for cross-border payments.
The announcement also included details about potential actions by the new company that would be aimed at promoting XRP, the native token used to move value on the Ripple consensus system and that trades on public digital currency exchanges such as Kraken. SBI and Ripple said they are now working to have XRP listed on SBIs online brokerage properties.
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