Ripple to Invest In Its SBI Holdings Joint Venture, MoneyTap, A Blockchain-Based Payment System
- Ripple announces an investment in MoneyTap, a Japan-based blockchain payment system.
- MoneyTap uses RippleNet to complete customers’ transactions.
In an announcement, Ripple Inc. confirmed its investment in MoneyTap, a joint venture between the San-Francisco blockchain payments provider and Japan’s bank, SBI Holdings. The investment aims to enhance payments across blockchains, reduce the high costs, and process times of international remittances through MoneyTap.
MoneyTap is a blockchain-based payment provider formed by SBI Ripple Asia, a joint venture between Ripple Inc. and SBI Holdings. The company launched in 2018, allowing users to directly transfer monetary digital payments on their smartphones and pay through QR codes across merchants in Japan.
So far, Money Tap has captured over 61 banks across Japan, including SBI Holdings, Sumitomo SBI Net Bank, Daiwa Securities Group Headquarters, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Ashikaga Bank, Ogaki Kyoritsu Bank, and Seven Bank. SBI Holdings said in a statement,
“The high interbank fees in Japan have not been corrected for more than 40 years, and it is a special situation internationally.”
Over the years, Ripple has strengthened its position in the Asian financial market through RippleNET. Several international remittances firms and payment service providers have adopted the new technology to reduce the transaction costs and waiting time by directly linking wallets with other institutions and providing a distributed ledger for transactions.
MoneyTap integrated the global remittances payment platform, RippleNET, to its platform, providing a seamless transfer platform, ‘costless’ transactions, and overseas remittances to its users.
Speaking on the benefits of MoneyTap, SBI CEO stated he wishes the whole banking system in Japan will start using Ripple’s XRP token and MoneyTap in the future.