Ripple backed Japanese group SBI launches its own digital currency on MoneyTap

SBI launches its own digital currency 'S coin' on MoneyTap,a digital payments platform. The currency is still in its experimental phase.

By · Jul 27, 2020 . 4min read

SBI launches Digital currency

The Strategic Business Innovator (SBI) Group based out of Japan is experimenting with its own digital currency ‘S Coin’. Therefore SBI launches its own digital currency on MoneyTap. The information was reported through a local news agency. The currency has been developed on Corda, an open-source blockchain platform. It will be first rolled out for SBI’s employees on the payments platform MoneyTap.

Ripple and SBI itself back MoneyTap. The currency itself will function as a settlement currency. This means to say that the people using it will have to pre-pay into it to use it. Holders will have to transfer money from their bank accounts into their digital wallets where S coin is held, and can then use it at any store where MoneyTap is accepted.

SBI has already been making use of blockchain technology. It has been issuing gift certificates using the same. SBI announced S Coin more than 12 months ago and has been developing it ever since. The company has invested a lot in the blockchain space already. SBI has holdings in enterprise blockchain technology R3. Moreover, they also own the exchange SBI Virtual Currencies which has been live for a year now.

MoneyTap was initially a joint venture between SBI and Ripple. It has since raised investment from various Japanese banks. The app enables payments to both foreign and domestic. It was the first time that users could make domestic payments 24/7. Up until that point, people could only execute payments during the working hours of the banks. Although backed by Ripple, the app only uses Ripple’s messaging technology. It does not hold any XRP.

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