Mizuho Financial Group announced this week it will pilot Ripple's distributed ledger technology for use in cross-currency settlement.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

will find the Japan-based financial services firm and R3 member, along with SBI Holdings, using Ripple's payment solutions to explore how cross-border payments could be conducted between the financial institutions. R3 will act as the consultant on the project.

Representatives from Ripple said the trial is expected to evolve to the point where real payment information, and eventually, real funds, are moved between the companies. The startup, which has raised $38.6m to date, said the test could become live before the year’s end.

The trial is the latest by Mizuho that will focus on settlement, following a trial announced in March in which it used the Open Assets protocol, a top-level protocol on the bitcoin blockchain, for cross-border securities settlement.

STORY CONTINUES BELOW

Recommended for you:

That test included participation from Fujitsu and Fujitsu Laboratories and comes amid a broader exploration of blockchain technologies by Asia-based financial institutions.

Paper airplane image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.