The SBI Ripple Asia Bank Consortium has seen significant growth as of late. As the name suggests, the goal is to get Asian banks on board and have them experiment with Ripple technology. So far, a lot of Japanese banks have already signed up. Considering this consortium only exists for about a year now, the growth has been rather remarkable. It now appears a few more banks have joined the consortium as well.
It is always good to see more banks pay attention to technology, which will define the future of finance. Although a lot of cryptocurrency enthusiasts feel banks will eventually become obsolete, that will not happen overnight. Various institutions across Asia are paying close attention to SBI Ripple Asia’s consortium. All of those institutions will use Ripple technology for both payments and settlement. It will be interesting to see if this technology can solve the issues associated with local banking.
SBI Ripple Asia Bank Consortium Keeps Making Headlines
Although the consortium has seen spectacular growth so far, there is always room for additional parties. Both Sumitomo Mitsui Banking Corporation and Japan Post Bank have joined the SBI Ripple Asia Consortium. This also means all three megabanks in Japan are on board with this technology. Moreover, the total number of consortium members increased to 61, representing over 80% of all Japanese assets. This is a major step forward, to say the least.
Seeing all of these banks commit to Ripple technology is commendable. It is a giant step forward for both the technology and finance as a whole. Customers of all participating banks will be able to reap the rewards from experimenting with this blockchain. Global real-time payments are very difficult to come by in Japan and the rest of the world. If this consortium can succeed, it is expected the rest of the world will pay much closer attention to what Ripple has to offer.
It is expected some of these banks are also working on new mobile solutions for real-time payments. Right now, it is a bit unclear what we can expect exactly, though. Seeing these banks get on board with SBI Ripple Asia’s initiative is a major victory, to say the least. The next step is to further expand in different countries. While Japan is a key area for anything related to blockchain and cryptocurrency, it is not the only market in the world that matters.