4 New Banks Join Ripple-powered SBI’s MoneyTap: Finally a Bullish XRP Price Sign?

  • Awa Bank, North Japan Bank, Third Bank, and one other bank joins MoneyTap
  • The tally of banks rises to 29 banks

One of the leading banking partners of Ripple, SBI Holdings has added four new banks as the shareholders in MoneyTap, bringing this tally to 29 banks.

Ripple powered “next-generation financial infrastructure” established in March will be welcoming Awa Bank, North Japan Bank, Third Bank, and one other bank.

This entire list of banks include the names,

SBI Holdings, Keiyo Bank, Ashikaga Bank, Awa Bank, Ehime Bank, Kita Nippon Bank, Kiraboshi Bank, Gunma Bank, Sanin Joint Bank, Shiga Bank, Shimane Bank, Shimizu Bank, Shinsei Bank , SBI Net Bank, Suruga Bank, Seven Bank, Sendai Bank, Third Bank, Chiku Bank, Toho Bank, Towa Bank, Tochigi Bank, Hiroshima Bank, Fukui Bank, Fukuoka Chuo Bank, Fukushima Bank, Hokuriku Bank, Michinoku Bank and others.

Out of these partners, 5 of the companies — three of which are non-capital participating banks of MoneyTap — have already installed while six companies are preparing for the introduction.

Renova, one of the banks working with SBI on the app pulled out of the project in April, without an explanation.

Going forward, in addition to participating banks in the Centralized Foreign Exchange Consortium — established in October 2016 with an aim to build a real-time money transfer infrastructure by using blockchain and DLT, it’s participants include megabanks and regional financial institutions that account for 80% of the total domestic deposits — other financial institutions will also participants in the management as shareholders.

The app — that leverages Distributed Ledger Technology (DLT) — is registered as an electronic payment agent in Japan and added 13 regional banks as the co-founder of the app.

MoneyTap that is said to provide immediate transfers for users with accounts at the affiliated banks is available for iOS and Android devices. It utilizes biometric log-in features for security and allows the funds to be sent using just a QR code or recipient's telephone number.

Earlier in May, Ripple added SBI Holdings’ CEO and president, Yoshitaka Kitao to its board.

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