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Ripple is investing in SBI Holdings Money Tap’s liquidation platform.
SBI Holdings announced the investment in a new press release. The announcement describes the benefits of XRP, RippleNet and Ripple’s XRP-powered cross-border payments platform, On-Demand Liquidity.
Later in the press release, SBI describes Money Tap as both a “financial ecosystem” and a “next-generation payment platform that uses Ripple’s technology as described above”, although the bank stops by saying that the app will explicitly use XRP.
Money Tap was launched in October 2019 and allows people to send and receive money instantly using phone numbers or QR codes. The app is currently available on iOS and Android.
In September last year, SBI Holdings CEO Yoshitaka Kitao said the app, which is fully licensed by Japanese regulators, will use XRP in the future.
SBI says in the most recent press release,
“With this latest investment from Ripple, Money Tap will further strengthen its partnership with Ripple and accelerate the development of new features and services, including a small-amount collection service and a corporate payment function, a community currency, a overseas remittance service, inbound and outbound remittance services and a supply chain financing function, with the aim of increasing customer satisfaction through greater convenience. “
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Featured Image: Shutterstock / gonin
