Money Tap operated by the Japanese SBI Holding and powered by Ripple blockchain is rapidly growing since going live. Recently it managed to get four new banks on board as shareholders taking the total to 29 banks.
With the influence of Ripple and SBI Holdings, MoneyTap is growing at a good pace and slowly advancing towards global adoption. These four new partnerships with banks (North bank Japan, Awa Bank, Third Bank, and one more bank) are set to provide next-generation financial services for the furtherance of digital currency.
One of Ripple’s leading partner SBI Holdings launched MoneyTap with the collaboration of Ripple. The aim of this network is to provide next-generation financial services via the use of distributed ledger technology (DLT). For running these services MoneyTap will provide financial institutions the support of API connection via the Fintech Platform that is being run by the SBI Fintech Incubation.
More financial institutions are set to join this campaign and take part as shareholders. This will allow these institutions to deliver high customer services with a lot of benefits, including cash. The goal is to contribute to this new digital economic world, promoting new markets and industries while reducing social costs at the very same time.
With these banks taking part in the Centralized Foreign exchange consortium that was created back in Oct 2016 plans to create such an ecosystem that carries real-time transactions through the blockchain and DLT. Among these participants which include regional cooperations, as well as megabanks, hold almost 80% of the total domestic deposits.
Among these participating firms, five companies – three of them have already been installed which are non-capital participating banks. While on the other side, six firms are getting reading to jump-start with the Ripple-powered platform. In the report published by SBI Holdings, it was mentioned that one of these banks in collaborations will also make a capital investment in the MoneyTap network. However, they didn’t disclose the name of that platform.
Among all these 29 financial networks that are taking part in enhancing the MoneyTap application are the following:
SBI Holdings, Ashikaga Bank, Keiyo Bank, Awa Bank, Kita Nippon Bank, Ehime Bank, Kiraboshi Bank, Sanin Joint Bank, Gunma Bank, Shimane Bank, Shiga Bank, Shimizu Bank, SBI Net Bank, Shinsei Bank , Suruga Bank, Sendai Bank, Seven Bank, Chiku Bank, Third Bank, Toho Bank, Tochigi Bank, Towa Bank, Hiroshima Bank, Fukuoka Chuo Bank, Fukui Bank, Fukushima Bank, Michinoku Bank, Hokuriku Bank.
This is a good sign for Ripple=powered MoneyTap project as it is engaging with more and more banks and financial cooperations. Indeed, being part of the Ripple ecosystem provides it more opportunity to attract more banks. MoneyTap utilizes xCurrent to provide a fast and transparent service for transferring money instantly. Moreover, it provides a very low-cost service, which probably is key for amusing more users to the platform.
MoneyTap doesn’t use XRP but last week SBI Group announced that its shareholders will enjoy dividends in the Ripple’s native token.
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