SBI Ripple Asia, a joint venture of the Japanese financial conglomerate SBI Holdings and the Californian startup Ripple, is forming an association whose participants intend to use blockchain technology to create a single transaction register made using bank cards. This is written by the news publication Nikkei.
The new association will begin operating activities in January next year. It is expected that by this time about 10 issuers of bank cards will enter it, including JCB, Sumitomo Mitsui Card and Credit Saison.
The project participants count on the fact that distributed registry technology can help reduce costs and improve the efficiency of business processes in the banking card industry as a whole. In addition, the blockchain will be used to identify customers, combat illegal transactions, issue their own virtual currencies, etc.
Soon after the publication of this news, the Ripple rate jumped by 8% and is currently around $ 1.18.
Recall, two weeks ago, several large Asian banks announced their intention to use the XRP cryptocurrency in the system of international transfers on the Ripple blockchain.