Ripple is becoming an important cryptocurrency in the market right now. This is why, in part, there are many companies creating services based on the Ripple platform. MoneyTap is a new Japanese smartphone app powered by this cryptocurrency’s technology that has the goal of decentralizing domestic and global payment networks.
What Is MoneyTap?
Basically, MoneyTap is a phone app (available for Android and iOS) that can connect to different banks in the United States and enable transactions 24/7 in these banks. It has services that can use anytime, low transactions costs, instant payments and faster transactions.
The transactions that you make with this app will allow you to make domestic payments (unfortunately, not international payments at this time) by only using your bank account, your phone number or a QR code. The cost of the payments will be cheaper and they will be faster than they normally are.
You can have multiple bank accounts and make transactions in all of them by using MoneyTap. Ripple offers three products for the users of this app: xCurrent to process payments, xRapid to source liquidity in the market and xVia to originate payments.
The company has partnerships with the three members of the Japanese bank consortium: SBI Net SUmishin Bank, Suruga Bank and Resona Bank. All of them will be available options for when the app is launched in 2019. You will be able to transfer money from your app to your bank account and vice versa.
To use this service, your account has to be verified, but there is no limit to the amount of money that you can send or receive using this app.
MoneyTap Core Members
The most important members of the MoneyTap team are Takashi Okita (co-founder), Emi Yoshikawa (financial advisor), Josh Kleiman (legal advisor), Monica Long (marketing officer) on the management team and the development team, which is made of David Schwartz (software developer), Zack Shapiro (app developer) and Evin Alexander (developer).
MoneyTap Token Sale
MoneyTap’s public sale of tokens has already started and it will continue until April 18, when the platform will be launched. The soft cap is $20 million and the hard cap is $50 million USD, while you can use ETH and BTC to pay for the tokens and has to spend at least the equivalent of 200 USD if you want to invest in this company. A single token can be bought for $0.10 USD.
The tokens will be distributed to investors, the team, the bank partners and two strategic investors which are not named by the company. 30% of the funds raised by the ICO will be spent on product development, 25% on infrastructure development, 17% on developing a global platform for the company, 15% of marketing, business and development and finally 13% in government bonds.
MoneyTap will certainly only interest you if you live in Japan or if you travel a lot to this place because of its obvious limitations of only working there. In the future, it might turn into a global app, so it might appear to be more interesting, but that is currently not what is happening at this moment. Because of this, we can hardly recommend MoneyTap to anybody outside of Japan.
If you are in Japan, though, this can be an interesting option for you.