The firm seeks to strengthen its Web3 business to attract more institutional clients through crypto-related offerings and comprehensive Web3 services.
SBI Japan, a prominent Ripple partner and leading financial firm in Japan is looking to strengthen its Web3 business. This move aims to attract more institutional clients seeking to leverage its extended Web3 offerings and crypto-related services, including offerings made through Ripple.
SBI Japan disclosed this in a recent annual investors report. Notably, the report indicates that the company’s revenue for its crypto-related business stood at 30.3 billion Japanese yen from April 2022 to March 2023. This represents a 45% decline YoY from the value of 55.1 billion yen last year.
The company, which categorizes its Web3 business under “non-financial business,” disclosed that it would start trying to strengthen its reach in the Web3 sector to increase its customer base and revenue. Before now, SBI Japan focused its crypto customer base and revenue on the crypto assets exchange business provided through SBI VC Trade.
WrathofKahneman, a prominent XRP community influencer, recently called attention to this proposed shift in business model, highlighting a graphic from SBI Japan’s annual report.
SBI Japan, a #Ripple partner, released it’s investor report for the year. While news of Ripple & #XRP has slowed, this charts their new approach; 1) all crypto efforts centered in SBI VC Trade & 2) they are looking towards “Web3” more than exchange sales. https://t.co/tGZUqFxhB4 pic.twitter.com/Mkj6RB66Ik
— WrathofKahneman (@WKahneman) May 15, 2023
SBI Continues to Leverage Offerings from Ripple
The graphic indicates that the company plans to bolster its Web3 offerings and crypto-related services by focusing both businesses on SBI VC Trade. One of the crypto-related services highlighted is Ripple’s ODL which is offered to clients through SBI Remit, an SBI subsidiary.
Recall that Ripple expanded its existing partnership with SBI Remit in July 2021 to launch the On-Demand Liquidity product in Japan for the first time. This facilitated a connection between SBI Remit, SBI VC Trade, and Coins.ph on RippleNet for efficient cross-border transactions.
The graphic from the recent SBI Japan report also highlights Ripple as a provider of crypto-related services using XRP and the XRP Ledger. However, there is limited information on the sort of services Ripple will provide for SBI Japan’s clients as it seeks to expand its Web3 offerings.
As part of expanding the Web3 business, SBI Japan released its Web3 Wallet product in January, touting it as the first custodial wallet in Japan that supports NFTs. The company also formed partnerships with Web3 firms Oasys and Turingum.
Notably, Ripple and SBI Holdings’ partnership dates back to 2016 with the establishment of the joint venture SBI Ripple Asia. The venture has continued to facilitate efficient payments using RippleNet since then.
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