XRP is to bridge two currencies. Local tokens are totally different, they are issued by gov or associations or whomever to attract or promote local community campaigns. Think of it like a gift certificate.
S Coin is a platform, which issues local tokens on Corda in the form of government gift certificates, or a fisherman association to attract tourism, or any other custom campaign you can dream up. This is to make customized local campaigns in Japan to revitalize the outline communities. The fusion will be able to expand globally, for international use and will incorporate XRP for cross border currency bridging.
SBI Holdings Co., Ltd. (Headquarters: Minato-ku, Tokyo, President: Yoshitaka Kitao, hereinafter “SBIH”) is a platform for issuing digital currencies, etc. using “Corda”, a blockchain solution provided by R3 in the United States. We are pleased to inform you that we have built the “S coin platform” and started a demonstration test for SBI Group employees from July 2020.
Corda is a private/consortium type blockchain solution that was developed for enterprise use, overcoming the problems of conventional blockchain platforms. With the S coin platform built using Corda, it is possible to design and issue a unique digital currency, such as electronic money as a prepaid payment method, according to the purpose, and in this demonstration experiment, SBIH will issue it. It is used to issue the payment coin “S coin”.
In this demonstration experiment, we built a mechanism to work together with this S coin platform and the smartphone money transfer and payment application “Money Tap” provided by Money Tap Co., Ltd., a subsidiary of SBIH.
Money Tap is an application that realizes direct transfer from bank account to bank account and immediate deposit, and we believe that a combination of both will contribute to improving user convenience. Regarding the charge, by sending money directly from the bank account to the S coin platform with the Money Tap app, S coins are issued on the S coin platform. Payment can be made at any merchant of the payment service provided by Money Tap. Normally, the payment will be made from the balance of the bank account, but in this demonstration experiment, the payment will be made from the balance of S coins.
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