The partnership between Ripple and SBI is something that cannot be ignored when it comes to companies in the cryptospace that are making massive progress in terms of adoption. During a recent conference, SBI Holdings’ Yoshitaka Kitao revealed the company’s plans about its future with XRP, Money Tap, Japan, and Ripple.
Money Tap is an application that is powered by Ripple’s xCurrent technology; it allows for quick, safe and comfortable money transfers in a country where transactions can only occur on weekdays between 8:30 a.m and 3:30 p.m.
In a recent document released by SBI Holdings, it was disclosed that Money Tap will now be open to accepting investments from Ripple. The document read,
“At a stage where the acceptance of investments from domestic financial institutions has been completed, Money Tap will now consider accepting an investment from U.S. Ripple, in order to strengthen technical cooperation and the promotion of initiatives related to international remittances”
This investment would proactively promote the Money Tap business, with SBI Holdings also announcing that the company was transitioning to a company structure.
The document further expanded on Money Tap’s superiority over other methods generally used in Japan, some of which include low maintenance cost, providing low-cost payment network 24×365, and no fee policy for small amount remittances, depending on the policy of each interconnecting bank.
SBI Holdings announced recently that it had set up a subsidiary, Money Tap Ltd, to increase promotion of the application on March 19. The establishment was granted ¥100 million as capital during the time of establishment, which would be increased in the future. SBI Holdings had said,
“The newly established Money Tap will evolve its domestic and foreign exchange consolidation consortium developmentally and take over its role, as well as for banks and general users to drive the rapidly expanding cashless flow. Plan to provide service more quickly.”
Additionally, Money Tap also started accepting investment from 13 regional banks including Seven Bank.
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