SBI Holdings and Wirex collaborates to work on Japanese cryptocurrency payments card solution

Investing powerhouse – SBI Holdings – has recently joined hands with UK- based firm Wirex in order to launch a cryptocurrency payment’s card in Japan. Wirex already specializes in offering visa-backed cryptocurrency debit cards, however this new Joint Venture between the two companies named as SBI Wirex Asia will work towards creating a Yen denomination option.

Such a joint venture will give a boost to SBI Holdings in a Blockchain finance and more importantly an direct access Japan’s cryptocurrency payments systems. Wirex Japan CEO, Wataru Kojima said:

“Japan leads the world in bitcoin regulation and our accountants are armed with the tools to accept bitcoin on balance sheets. I will ensure Japan maintains our preeminent position in this space though providing the most innovative and cost-effective technologies globally.”

 Also read: Japan Issues License to Eleven Bitcoin Exchanges

Earlier this year, the SBI group pumped a $3 million investment into the Wirex group. This new partnership will further strength the relation between the two companies giving the Japanese Financial Services giant a direct access and benefit from Wirex’s global expertise in the field of Distributed Ledger Technology (DLT) and cryptocurrencies.

While commenting on the partnership, Wirex CEO, Pavel Matveev said:

“Our new relationship with SBI Holdings enables us to deepen our already market leading position in the country to offer new Japan and Asia focussed products and services. I look forward to working with the team at SBI. Japanese customers are our most enthusiastic supporters and use our VISA-backed cryptocurrency debit card more regularly than anywhere else in the world. They deserve a Yen denominated card soon and we will deliver it to them.”

Also Read: Singapore Startup all set for it’s Bitcoin backed Visa Card

 SBI Holdings has been showing a keen interest in the Blockchain Technology by participating in its work and services through several others routes. This financial giant has participated in the R3 blockchain consortium and its securities division is also working for distributed ledger pilot with IBM, Japan Exchange and NRI.

It’s online bank is also making use of the Blockchain Technology for activities like balance enquiries and bank account transactions. It is also said that SBI Holdings has collaborated with Ripple for building an international remittance system in Asia.

Also Read: Ripple Blockchain adopted by banks in Japan,Thailand

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