SBI Japan Looking To Use Ripple To Bolster Its Web3 Business

Lavina Daryanani
Source: Altcoin Buzz

Japan’s SBI Group is aiming to bolster its Web3 business. The Japan-based FinServ company is looking to welcome institutional clients that could use its extended Web3 offerings and crypto-centric services. It’s a known fact that SBI is one of Ripple’s top partners. Hence, this means the company will likely make use of the offerings made via Ripple to help grow its business.

The company recently released its financial results for the fiscal year that ended 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.” 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.”

In its report, the company did not outrightly mention Ripple. However, in one of the charts attached, they did mention “offering services using XRP and XRP Ledger” [left]. It additionally went on to highlight Ripple’s ODL service that it offers to clients via SBI Remit, one of its subsidiaries [right].

In other related news, the Ripple-powered payment system MoneyTap has been making significant strides in Japan. According to a recent development, SBI Remit integrated support of its mobile MoneyTap application to three local banks. The same includes Yamaguchi Bank, Momiji Bank, and Kitakyushu Bank.

Also Read: 3 Major Japanese Banks Adopt Ripple-Based MoneyTap

Furthermore, SBI has already been expanding its Web3 business. The group released its Web3 Wallet product in January, the allegedly first custodial wallet in Japan to support NFTs. The company also got into partnerships with Web3 firms Oasys and Turingum.

SBI reportedly earned 30.3 billion Japanese yen from April 2022 to March 2023 from its crypto-related business. This marked a 45% dip on the YoY front. For context, the company amassed a value of 55.1 billion yen last year from this specific business sector.