SBI Expands Beyond Ripple with Canton Network Unit

SBI Holdings has expanded its institutional blockchain strategy beyond Ripple and the XRP Ledger by restructuring a wholly owned subsidiary around the Canton Network. The new unit, SBI Digital Practice Co. Ltd., will focus on building financial infrastructure and applications for institutions using Canton.

Canton connects more than 600 institutions, supporting over $6 trillion in assets, according to SBI. The network's link to tokenized U.S. Treasuries gives the Japanese company a direct U.S. market connection.

SBI retains full ownership of the subsidiary and has renewed its management structure to support the new direction. The company expects more financial products and transactions to move onto blockchain networks, with the new unit helping banks and other financial institutions adopt the technology while meeting rules in their respective markets.