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One of Japan's largest financial institutions will soon launch a new application for consumer payments backed by Ripple technology, which marks an important milestone in the search for the adoption of the mainstream blockchain.
Presentation of MoneyTap
SBI Ripple Asia, a joint venture of SBI Holdings and Ripple, Inc., based in San Francisco, is preparing to launch the "MoneyTap" mobile app on Android and iOS .
MoneyTap is the first consumer-oriented application launched on the Ripple protocol in Japan. The app allows consumers with national current accounts to send money 24 hours a day, seven days a week, using a QR code, a phone number or a bank account.
The new platform is powered by Ripple xCurrent, a solution that allows banks to settle cross-border payments immediately. Sources have yet to confirm whether XRP, the cryptocurrency launched by Ripple, can be used on MoneyTap.
As reported by Hacked in March, the initial launch of the application will be accepted by various financial institutions, including SBI Net Sumishin Bank, Suruga Bank and Resona Bank. These companies are part of a larger consortium of financiers representing more than 80% of Japan's banking operations.
Ripple to expand commercial application
In addition to MoneyTap, Ripple is planning to launch a commercial application of its focused cryptocurrency as early as next month, according to Sagar Sarbhai, head of department regulatory framework of the Asia-Pacific and Middle East. According to Sarbhai, the new product will focus on xRapid, which offers low-cost liquidity for payment service providers and other financial institutions.
"I am very confident that in the next month or so you will see some good news coming up when we launch the product live in production," said Saraphai of xRapid in an interview with CNBC.
xRapid technology is based on XRP for currency bridges, which allows payment providers to process faster cross-border transactions.
Despite addressing multiple XRP-related causes is security, Ripple is riding a wave of momentum from several high-profile partnerships with leading payment providers. The main ones are American Express, Western Union, Money Gram and Santander. Ripple also has collaborations with over 120 banks and financial institutions, particularly in the Asia-Pacific region. Although not directly related to XRP, these developments add value to Ripple's blockchain technology, which could drive wider adoption in the currency.
The XRP, which was little changed on Monday morning, is trading at a fraction of its all-time high. One unit of XRP is currently valued at just over $ 0.28, according to CoinMarketCap. The currency reached $ 3.29 on 3 January, according to CryptoCompare.com.
XRP has a total capitalization of $ 11.2 billion, placing it in fourth place among the active cryptocurrencies in terms of value
Disclaimer: The author owns bitcoin, Ethereum and others criptovalute. It holds investment positions in the currencies, but does not carry out short-term or day trading activities.
Featured image courtesy of Shutterstock.
