SBI Expands Blockchain Strategy Beyond Ripple

SBI Holdings has restructured one of its subsidiaries to focus on the Canton Network, expanding its institutional blockchain strategy beyond Ripple and XRP Ledger. The newly renamed SBI Digital Practice Co. Ltd. will operate as a dedicated on-chain finance business for institutions using Canton.

The subsidiary, based in Tokyo's Roppongi district, will plan, develop, and operate financial infrastructure and applications for banks and other financial institutions. It will provide implementation support, regulatory compliance, and transaction systems spanning different countries and currencies.

SBI has participated in Canton as a Super Validator and now expects more financial products to move onto blockchain networks. The company wants the new unit to help institutions adopt the technology while meeting local market regulations.

This move does not indicate an exit from Ripple or XRP Ledger, but rather a multichain strategy where SBI selects different networks for different financial products. SBI has already partnered with Solana and Ondo Finance on various tokenization projects and acquired a majority stake in Singapore exchange Coinhako.