Japanese Banks Plan Blockchain Currency Exchange

A group of Japanese financial institutions is looking to create a blockchain-based platform they could leverage to cut costs on domestic and foreign exchange services.

Announced today, initial members include the Bank of Yokohama and SBI Sumishin Net Bank. Those involved in the effort will work with distributed ledger tech startup Ripple to develop the platform.

SBI Holdings, which owns SBI Sumishin Net Bank and has invested in startups working with the technology in the past, said in a statement that as many as 15 banks are expected to take part in the initiative when it formally launches in October.

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