Money Tap is Creating a Mechanism That May Use XRP-Powered xRapid, Considers Ripple Investment

  • Money tap could use xRapid in future
  • Launching VC Trade Pro & FATF conducting an on-site inspection

SBI Holdings’ smartphone app Money tap that is powered by Ripple’s xCurrent product is now planning bigger things that may even have something to offer to XRP enthusiast as well.

In its Q2 FY2019’s Financial Results report, the bank announced that Money Tap is considering investment from US-based company Ripple.

“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,”

states the report.

Launched last October in the participation of three banks, Resona, Suruga Bank, and SBI Sumishin Net Bank, Money Tap is built with distributions ledger technology that enables users to send funds at no cost using just a QR code or recipients' telephone number and further utilizes biometric features for security.

Money Tap Could Use xRapid in Future

As recently reported, Money Tap added 5 new banks that took the tally of its partnerships to 25 capital participant banks with Ripple and 8 API platform connected companies.

This means now 33 banks have the ability to utilize Money Tap. The company is further expecting this number to rise that will include “major banks.”

During SBI Holdings’ VC Trade announcement, SBI CEO, Yoshitaka Kitao, talked about the prospect of using XRP powered xRapid.

“We want MoneyTap to accommodate international remittance, so we created a mechanism… and it may contribute to xRapid using XRP,”

said Kitao.

Ripple’s digital currency XRP is the third-largest cryptocurrency by market cap of $13.8 billion which is currently trading at $0.322 with 24 hours gains of 2 percent.

Launching VC Trade Pro & FATF conducting an on-site Inspection

Another important update came in the form of FATF to conduct an on-site inspection of its cryptocurrency exchange operated by a bank affiliate.

The idea is to gather data for the purpose of assessing anti-money laundering (AML) and Combating the Financing of Terrorism (CFT) policies.

“In light of the new cases of illegal outflow at BITPoint Japan, a virtual currency exchange service provider, and the fact that investigations into the causes of such incidents have not progressed, as well as the start of the FATF's on-site inspection scheduled in October of this year, the full scale acquisition of accounts and service promotion will start in earnest from this autumn, after security and AML/CFT measures have been fully implemented.”

SBI Holdings is also launching a new exchange service “VCTRADE Pro” scheduled for July 31, 2019. This will provide order books service for crypto assets where users can make transactions with ask/bid volume information.

This platform will have three currency pairs viz. XRP/JPY, BTC/JPY, and ETH/JPY as mentioned in the report.

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