SBI Japan Leveraging Ripple to Expand Into Web3 Business

SBI Japan Leveraging Ripple to Expand Into Web3 Business

SBI Group, a financial services company based in Japan, has set its sights on strengthening its Web3 business. The company intends to attract institutional clients who can benefit from its expanded range of Web3 solutions and services in the cryptocurrency space. 

Notably, SBI Group is recognized as one of Ripple’s prominent partners. Consequently, it is expected that the company will leverage Ripple’s offerings to support the growth of its business.

The company recently published its financial results for the fiscal year ending on March 31, 2023. The report highlighted that SBI VC Trade “will increase its customer and revenue base not only by the crypto asset exchange business but also by strengthening Web3 related business.” 

Related Reading: Ripple Vs. SEC Case Has Been A Threat To All Crypto, Says Deaton

Specifically, the company is looking to “Pioneer new business fields such as Web3 that introduce innovative technologies domestically and abroad to “go beyond finance with finance at its core.”

While the SBI Group’s report did not explicitly mention Ripple, it indirectly referenced the provision of services utilizing XRP and XRP Ledger in one of the attached charts. 

Furthermore, it specifically highlighted the availability of Ripple’s On-Demand Liquidity (ODL) service, which is offered to clients through SBI Remit, one of the company’s subsidiaries.

SBI Group Expands Crypto Footprint: Diversifying Into Web3

MoneyTap, a payment system powered by Ripple, has made progress in Japan as SBI Remit has integrated its mobile MoneyTap app with three local banks: Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank.

SBI Group has been actively expanding its Web3 business. In January, the group introduced its Web3 Wallet product, claimed to be Japan’s first custodial wallet supporting NFTs. Additionally, SBI entered into partnerships with Web3 firms Oasys and Turingum.

It has been reported that SBI earned 30.3 billion Japanese yen from its crypto-related business between April 2022 and March 2023. This represents a 45% decrease year-over-year (YoY), as the company achieved a value of 55.1 billion yen in the previous year within this particular business sector.

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