Japanese Brokers Forge Alliance to Spur Blockchain Adoption
Several large brokerage firms in Japan have launched a consortium with a mission to drive the adoption of blockchain and other innovative technologies. SBI Ripple Asia has been chosen to lead the alliance.
A group of Japanese brokerage companies has founded a consortium to implement blockchain and other emerging technologies in the market, betting that the broader use of innovative solutions will streamline basic processes and improve services.
The list of 18 founding members includes SBI Securities (a subsidiary of SBI Group), Rakuten Securities, Daiwa Securities, and Nomura Securities.
The consortium will be led by SBI Ripple Asia, a division of SBI Holdings. It will be responsible for organizing one or two meetings each month and conducting proof-of-concept pilots related to blockchain and other relevant technologies.
The group wants to implement a shared sign-in mechanism for all the brokerage accounts. The system will use artificial intelligence (AI) to monitor trading activity and will require of clients to log in with biometrics and other ID information. This will significantly improve the user experience as customers will no longer have to type their log-in details.
The brokerage consortium also expects the collaboration and the implementation of cutting-edge technologies to reduce costs.
SBI Ripple Asia has previously launched consortiums to promote the use of blockchain and other innovative technologies in banking and credit card operations.
Despite Ripple being the focus of different projects, partnerships, and events, its token price has been declining since January 5, when it peaked at $3.84. The bearish mood on Ripple reflects the broader negative sentiment on the crypto market as investors worry that South Korea might ban crypto exchanges.
About two weeks ago, we reported that SBI Holdings was creating a huge venture capital fund to invest in AI and blockchain. The company is planning to raise about $450 million from local and foreign entities.