<span style="font-weight: 400;">Sumitomo Mitsui, a multinational banking and financial services institution based in Japan has <a href="http://www.sbigroup.co.jp/english/news/pdf/2020/0817_a_en.pdf" target="_blank" rel="nofollow noopener">recently</a> purchased a 14% stake in SBI R3. SBI R3 is a joint venture between SBI Holdings and R3 Holdo LLC, a blockchain technology provider. </span>

<span style="font-weight: 400;">This announcement has been made by SBI Holdings on Monday i.e. August 17. The firm has revealed that SBI R3 has just signed a Share Purchase Agreement and transferred a 14 percent share of the company to Sumitomo Mitsui. After this transfer, SBI Holdings is having a 51 percent share in the joint venture, 35 percent is with R3 and the remaining 14 percent is with this Japanese firm. Before this when the joint venture was launched, SBI Holdings was having a share of 60 percent, and the remaining 40 percent was with R3.</span>
<h2><b>Sumitomo Mitsui will help to promote the use of DLT platforms</b></h2>
<span style="font-weight: 400;">SBI Holdings has given a statement saying that Sumitomo Mitsui Financial Group will be helping SBI R3 to promote the use of DLT platforms in different sectors. It has been specified that one of the members of this group has been working with R3 and TradeIX for a project called Marco Polo. </span>

<span style="font-weight: 400;">This Marco Polo project is there to focus on creating trade and working capital finance. Both of these things will be powered by Application Programming Interfaces (APIs) and blockchain technology by Corda.</span>
<h2><b>SBI R3 aims to introduce Corda license</b></h2>
<span style="font-weight: 400;">The major purpose of the joint venture formed by SBI Holdings and R3 is to introduce the Corda license. Along with this, both the firms will also work towards arranging different schemes for the use of this license even before it’s the introduction. This joint venture will be promoting the collaboration with all the overseas offices of R3 and other partners of Corda.</span>
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Sumitomo Mitsui Purchased 14 Percent Stake In SBI R3

Sumitomo Mitsui, a multinational banking and financial services institution based in Japan has recently purchased 14% stake in SBI R3.

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

Sumitomo Mitsui Purchased 14 Percent Stake In SBI R3

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