Four Japanese Banks Invest In The Ripple-Powered MoneyTap App

The financial group SBI has recently announced that four Japanese banks have invested in its cashless remittance app – the Ripple-powered MoneyTap app for smartphones. As an official release in the latest cryptocurrency news notes, SBI announced that Awa Bank, Kita-Nippon Bank, Daisan Bank and a fourth (yet unnamed) bank have become shareholders and investors in the SBI initiative. The major banks join a group that now counts 29 strong players.

For those of you who don’t know, MoneyTapp makes use of the xCurrent solution which is designed by Ripple and based on distributed ledger technology. The companies claimed that the solution lets banks settle cross-border payments in real-time with end-to-end tracking. As the altcoin news sites describe it, xCurrent is able to handle both fiat and cryptocurrencies including the XRP cryptocurrency by Ripple.

On another level, the four Japanese banks investing in this app means that the bond between SBI and Ripple is getting more and more tight. Last week, many best cryptocurrency news sites reported that SBI intends to pay dividends to its shareholders in XRP.

The CEO of SBI, Yoshitaka Kitao, also became a member of the Ripple board in April this year. Meanwhile, MoneyTap was unveiled in March 2019 as part of SBI’s Fintech Platform Initiative which is a wider push to adopt blockchain and distributed ledger technology for use in Japan’s financial sphere.

On the other hand, SBI operates its own Financial Services Agency licensed exchange platform in Japan. The four Japanese banks investing in the Ripple powered app is a big move for the cryptocurrency industry in general since Kitao remains one of the country’s most outspoken proponents of cryptocurrencies and blockchain technology.

The CEO of Ripple Brad Garlinghouse has not commented on the investment by the four Japanese banks.
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However, as we previously reported in our coming altcoin news, he decided to defend the company from “FUD” as he revealed last week. The CEO insisted that this token is not a security and denied the claims that Ripple has been selling XRP at an increasing price. However, while the sales decreased in volume, they increased in value in the second quarter of the year.