Banking Giant SBI Subsidiary Joins R3 Blockchain Consortium

SBI Bank LLC, a commercial bank owned by Japanese financial giant SBI Holdings, is joining blockchain banking consortium R3.

AccessTimeIconApr 13, 2018 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 7:49 a.m. UTC

SBI Bank LLC, a Russia-based commercial bank owned by Japanese financial giant SBI Holdings, is joining the New York City-based banking consortium R3.

In an announcement Friday, the bank said it aims to join the financial group to advance R3's Corda distributed ledger (DLT) platform, and push cross-industry adoption of blockchain technology.

"We regard blockchains as the core of FinTech innovation and are working on various measures both in Japan and abroad. Through this effort, we believe that we can contribute to the progress of the global blockchain field," the group stated.

The news marks yet another financial institution from Japan joining the global banking blockchain consortium. Previously, a group of Japanese financial firms conducted a test to streamline international transaction agreements using R3's Corda DLT platform.

Today's announcement is also part of a wider push by SBI Holdings into blockchain technology.

As detailed by CoinDesk, the Japanese banking group has previously registered with the country's financial watchdog to launch a cryptocurrency exchange platform, which is currently pending public release.

The bank also partnered with the San Fransisco-based blockchain startup Ripple to facilitate the experiment of cross-border blockchain payments among financial institutions.

Tokyo street image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.