The Japanese financial conglomerate SBI Group has partnered with blockchain Oracle Platform Chainlink to create many cryptographic tools for Asian financial institutions.
SBI said on Sunday that its collaboration with ChainLink is focusing on “many major use cases in Japan and the APAC (Asia-Pacific) region,” and is the first to look at the Japanese market.
The pair examines tools that allow cross-blockchain tokenized real-world assets (RWAs), like Onchain Bond, and uses ChainLink’s technology to provide Onchain validation of Stablecoin reserves, among other plans.
After announcing its partnership with Stablecoin Issuer Circle Internet Group, Crypto Firm Ripple Labs and Web3 infrastructure company Startale on Friday, it marks the SBI Group’s fourth Crypto partnership a few days later.
Chain links from high tech for finance
SBI has found that its transactions with ChainLink will use flagship blockchain interoperability protocols for many use cases, including promoting RWA tokenization and facilitating forex and cross-border transactions.
“We’re looking forward to seeing you in the process of creating a new, highly-known and highly conscious experience,” said Sergey Nazarov, a co-founder of Chainlink. His company added that SBI has helped SBI build Stablecoin settlement use cases and “very sophisticated fund tokenization” and said, “We look forward to doing a great job towards large-scale production usage.
The pair also aims to provide a tool that uses “onchain of net asset value (NAV) data for tokenized funds” using ChainLink’s data feed tool, providing an ONCHAIN verification of Stablecoin reserves.
SBI Holdings Chairman, President and CEO Kitao said the companies will also “encourage compliant cross-border transactions using Stablecoins to accelerate the widespread adoption of digital assets in Japan and regions.”
This is a developing story, and more information will be added as it becomes available.
