Ripple's partner SBI Holdings joins Russian banks to invest in SBS Bank

26 Jan, 2019
by Richard Allen
News
Ripple's partner SBI Holdings joins Russian banks to invest in SBS Bank

Ripple partner SBI Holdings has reportedly reached an agreement with two other Russian and Japanese banks that will see further investment to widen Ripple’s coverage in Asia, as ZyCrypto reports.

The Russian Direct Investment Fund (RDIF) and the Russian-Japanese Investment Fund have agreed to invest in SBS bank, a subsidiary of SBI Holdings.

The deal was signed between Russian president Vladimir Putin and Japanese Prime Minister, Shinzo Abe.

The new alliance is aimed at creating smart cities, environmentally friendly technologies, industrial development and the use of advanced technology. Additionally, focus will be given on expanding the export base of the Russian Far East and other initiatives that will strengthen ties between the two nations.

The partnership will see the implementation of several major projects that total over 1.4 trillion rubles across 95% of the Russian Federation. The RDIF will establish a partnership with major international investors from over 15 countries, amounting up to $40 billion.

Ripple will have a major hold in this partnership as its payment mechanism is paramount for the development of environmentally friendly technology.

Read more: Craig Wright takes aim at XRP calling it "shit tech" that's "falsely marketed"; Ripple Q4 report in, company sold $535.56 million worth of XRP in 2018

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Read more about: Ripple (XRP)

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