SBI Ripple Asia, a joint venture between Japanese investment firm SBI and San Francisco-based DLT payment startup Ripple, announced on Tuesday that it is forming a consortium that will research the use of distributed ledger technology in securities products.
The company said the new consortium will improve efficiency for customers and reduce operational cost through the partnership of 18 securities firms to research and commercialize applications of emerging technologies, particularly blockchain technology.
Companies that will be part of the initiative include SBI Securities, Daiwa Securities and Nomura Securities. SBI Ripple Asia also said that the consortium will form a DLT Advanced Experiment Working Group to further its blockchain research.
We have recently reported that SBI Ripple Asia announced a successful pilot last March with 47 banks that used Ripple's technology for interbank transactions.