Japan’s leading insurer Sompo Holdings has reached an agreement with BitPesa in a move that would allow Sompo to leverage blockchain solutions to transform cross-border transactions, Forbes reports, citing an announcement from Sompo. As one of the three largest insurers in Japan, Sompo is keen to use BitPesa’s distributed ledger technology (DLT) to support global trade and the digitization of financial services.

Sompo and BitPesa aim to create a digital platform that would allow the seamless movement of goods and value around the globe by leveraging virtual currency. The two companies seek to promote a society in which state borders become less relevant for international payments. Eventually, the firms hope to transform the way entities, both companies and individuals, transfer funds across borders.

BitPesa is a Kenya-based digital currency exchange and payments services operator. It was founded in 2013 by Elizabeth Rossiello, its current CEO, and has offices in Nairobi, London, Luxembourg, Lagos, Dakar, and Madrid.

Sompo Holdings bases its blockchain plans on the premise that international remittance and cross-border payments have become indispensable elements of the current age of people, information, goods, an…

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