Japanese financial conglomerate SBI Group has announced a partnership with blockchain oracle platform Chainlink to develop a range of cryptocurrency tools aimed at financial institutions in Asia.
Partnership between SBI and Chainlink
SBI Group stated that its collaboration with Chainlink will focus on several key use cases for financial institutions in Japan and the Asia-Pacific region, with initial attention on the Japanese market.
Areas of Cooperation
The companies intend to develop tools for tokenizing real-world assets (RWAs) and use Chainlink’s technology to verify stablecoin reserves. This includes creating tokenized bonds and tools to facilitate foreign exchange transactions. Sergey Nazarov, co-founder of Chainlink, remarked, 'I am excited to see our great work move towards a state of production usage at a large scale,' emphasizing the importance of the partnership.
Future of Digital Assets
SBI Holdings chairman, president, and CEO Yoshitaka Kitao also stated that the companies would work on enabling compliant cross-border transactions using stablecoins, which should accelerate the adoption of digital assets in Japan and the region.
The partnership between SBI Group and Chainlink represents a significant step towards integrating digital assets into the financial system of Japan and the Asia-Pacific region, opening new opportunities for economic growth and technological innovation.
