SBI Holdings restructured a wholly owned subsidiary to focus on the Canton Network, the institutional blockchain that now hosts more than $6 trillion in assets, as the Japanese financial conglomerate diversifies beyond its decade-long partnership with Ripple.
SBI Holdings restructured a wholly owned subsidiary to focus on the Canton Network, the institutional blockchain that now hosts more than $6 trillion in assets, as the Japanese financial conglomerate diversifies beyond its decade-long partnership with Ripple.
"SBI Digital Practice will support financial institutions to create compliant blockchain framework and promote institutional adoption," the company said in a statement Tuesday, announcing the renaming of SBI Security Solutions Co. to SBI Digital Practice Co., effective June 22.
The subsidiary will provide end-to-end services including financial infrastructure development, application building on Canton Network, and cross-border transaction platforms. Canton Network counts more than 600 participating institutions, including Goldman Sachs, BNP Paribas, Broadridge, Franklin Templeton and Euroclear, SBI said. The Depository Trust & Clearing Corp. recently adopted the network for digital securitization of US Treasury bonds.
The move marks a strategic shift for SBI, which co-founded SBI Ripple Asia with Ripple in 2016 to expand XRP Ledger-based cross-border payments across Asia-Pacific. While SBI Ripple Asia reaffirmed its support for XRPL and launched a token issuance platform on the ledger in April, the restructuring shows the company is building a multi-chain institutional strategy beyond a single blockchain ecosystem.
SBI has been a "Super Validator" on Canton Network since its inception, a core role responsible for approving and managing transactions. The new subsidiary will focus on on-chain financial services, business development, system building and operations, according to the company overview.
The expansion follows SBI's broader push into digital assets. Earlier this year, SBI partnered with Fassets to advance a stablecoin cross-border initiative. The company also became a Japanese third-party prepaid instrument issuer and launched a token issuance platform on the XRP Ledger in April to help businesses create compliant digital tokens.
For Ripple, the development represents a notable shift from one of its most reliable partners. SBI Ripple Asia has been instrumental in driving XRP adoption across the region, but SBI's latest move suggests the conglomerate sees institutional on-chain finance as a multi-chain opportunity rather than one tied to a single protocol.
This article is for informational purposes only and does not constitute investment advice.
