Ripple Partner SBI launches digital token platform on Corda blockchain

  • Ripple Partner and financial giant SBI Holdings has introduced a new platform for issuing digital tokens using the Corda blockchain network.
  • In a first pilot project, the XRPL-based MoneyTap application was used to process transactions.

Financial giant SBI and long time Ripple partner has announced in a new report that it has launched a new platform called S Coin. The platform can be used by governments and corporations worldwide to issue digital tokens. S Coin is based on the Corda blockchain network of the American company R3.

Platform is to be expanded to include local currencies

Although the current use is limited to digital tokens for the time being, the offer will be extended to the issue of “digital local currencies” in the near future. This would even make the platform suitable for issuing a central bank supported digital currency, but SBI does not yet describe this specifically in its current objectives.

SBI said it has already completed a pilot project using the MoneyTap payment app for internal transaction processing. As part of the pilot project, digital tokens were issued via the platform and used for value transfer. MoneyTap is based on the XRP Ledger and enables transactions to be carried out 24 hours a day, 7 days a week in seconds at low prices.

Through the interface to MoneyTap it is possible to withdraw money directly from the connected bank account without having to go through a third party. The platform’s digital tokens are also called S Coin and are debited directly from the account. Payments can be made at any merchant connected to MoneyTap.

This first showcase is intended to further advance the adaptation of the blockchain technology and the new platform S Coin. SBI further states that the group will promote regional networking between companies, cities and governments as well as financial institutions. A number of major Japanese cities have already expressed great interest in issuing blockchain-based stablecoins.

The capital Tokyo has been working for a long time to launch a stablecoin, which is linked to the yen in a ratio of 1:1. This should be issued in time for the start of the Olympic Games this summer and used in large numbers. Due to the Corona Pandemic, however, the event was postponed until next summer in 2021, and with it the start of the stablecoin project.

Ripple launches beta of new P2P payment platform

Yesterday Ripple announced the launch of the new Payburner payment platform. Payburner is a new peer-to-peer platform for the processing of transactions in real time and relies on XRP. According to the official announcement, the platform will have extensive features such as payment requests with directly encrypted peer-to-peer messages and the universal payment identifier PayID.

E-commerce merchants should be able to set up and implement Payburner in just 20 minutes with just a few clicks. Payburner was also integrated into the WordPress plugin WooCommerce, so that every WordPress site can use the platform.

About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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