Ripple promotes adoption by funding SBI Holdings subsidiary MoneyTap

Ripple again joins forces with investment giant SBI Holdings. It announced a new investment in SBI's subsidiary MoneyTap App.

By · Oct 29, 2020 . 5min read

Ripple promotes funding MoneyTap news

Ripple and SBI Holdings are leading associates who have already established a joint venture named SBI Ripple Asia in 2016. According to a press release, Ripple is again funding MoneyTap, a subsidiary of SBI Holdings. The cooperation is best known for offering to fund MoneyTap app. It employs Ripple’s blockchain technology to process cross-border payments swiftly and cost-efficiently.

MoneyTap to persuade banks in the consortium to adopt the MoneyTap app.

By utilizing MoneyTap, it is feasible to administer and approve payments almost in real-time by solely scanning a QR code. The app was previously launched in October 2018. Japan’s leading banking consortium SBI Holdings supports the MoneyTap app. The MoneyTap app depends on Ripple’s blockchain technology to promote customer payments. The long-term aim is to persuade all 61 banks of the consortium to employ the app for their consumers. However, this isn’t easy because Resona Bank abruptly dropped the project without defining the reason behind its ruling in April 2019.

Most lately, Japan’s second-largest bank, Sumitomo Mitsui Banking Corporation (SMBC), with assets under management of $2,036 trillion, also funded the app. The app intends to influence players in the financial world with the benefits of new technologies and to utilize them to their advantage.

Japan to serve as a significant new location for Ripple.

Ripple is currently contemplating relocating its headquarters to London in the United Kingdom or Japan. In the U.K., the digital asset XRP is not just security. It also has a clear regulatory framework. Moreover, the firm’s CEO, Brad Garlinghouse recently spoke about his visit to the U.K. He explains how the markets in the U.K. under the FCA (Financial Conduct Authority) do not consider XRP to be just security, unlike the USA. Japan is one of Ripple’s most significant markets, so a difference of location here is also likely.

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