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- Ripple has announced a new investment in the branch of investment giant SBI Holdings, MoneyTap.
- The cash injection is intended to accelerate development and promote new features such as a community currency and more.
Ripple and SBI Holdings are long-time partners who have already founded a joint venture called SBI Ripple Asia in 2016. A few hours ago it was announced in a press release that Ripple is again investing in MoneyTap, a subsidiary of SBI Holdings. The collaboration is best known for providing the MoneyTap app, which uses Ripple’s blockchain technology to process cross-border payments quickly and cost-effectively.
Investments to drive development and adaptation
Using MoneyTap, payments can be made and confirmed in near real time by simply scanning a QR code. The app was already introduced in October 2018 and is financially supported by the leading Japanese banking consortium SBI Holdings. The big long-term goal is to get all 61 banks in the consortium to use the app for their customers. Most recently, Japan’s second largest bank, Sumitomo Mitsui Banking Corporation (SMBC), with $ 2.036 trillion in assets under management, invested in the App. The additional provision of new financial resources is intended to decisively advance development and adaptation:
Thanks to 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 remittances, inbound and outbound remittance services and a supply chain financing function, with the aim of increasing customer satisfaction through greater convenience.
The app aims to convince players in the financial world of the advantages of new technologies and to use them for the benefit of their business:
By forming an ecosystem with financial institutions and industry players such as payment service providers and fintech companies, Money Tap aims to build a customer experience that allows customers to receive various services with peace of mind, convenience and low prices.
Japan could become Ripple’s new headquarters
As Brad Garlinghouse criticized in a recent interview and on Twitter, the site’s conditions in the United States of America are not conducive to the further development of his company. As a result, Ripple is currently considering moving its London headquarters to the UK or Japan. In the UK, the XRP digital asset is not a security, so the regulatory framework is clear and business friendly. Japan is one of Ripple’s most important markets, so a change of position here is also conceivable.
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