MoneyTap, an application developed by Ripple, received an investment from the second largest bank in Japan, the Sumitomo Mitsui Banking Corporation (SMBC). According to a report in the television news “The Nikkei”, SMBC invested in MoneyTap through SBI Holding.
MoneyTap is an application developed by Ripple and SBI Holding. Using the register technology, MoneyTap allows its users to send money using a QR code generated by their phone. Although it uses Ripple technology, MoneyTap has not yet confirmed that it uses Ripple's native token, the XRP. Recently MoneyTap has also received an investment from Japanese bank Fukushima and other banks that will start using the app.
SBI Ripple Asia promotes adoption of blockchain technology
SBI Holdings and Sumitomo Mitsui Banking Corporation is part of a consortium of banks that make up SBI Ripple Asia. The consortium was created to develop and improve the adoption of the ripple technology all over Asia. The company is made up of 47 banks and in Japan, they hold 80% of banking assets from the country.
The report also found that SMBC is investing in R3 Corda, which was supported by SBI Holdings. R3 Corda is a blockchain platform on which applications can be built with open source distributed ledger technology. Applications known as CorDapps are interoperable. 300 companies use them for multiple sectors such as financial services, trade, insurance, health, among others.
The investment in MoneyTap will allow the developed application Ripple to have a new partner who will benefit from the largest Internet banking network in Japan. This network is the property of SBI and the Sumishin Bank. Founded in 2007, Sumishin is estimated to be worth $ 109 million and has increased in value by 14% since 2018 thanks to the positive return on its services and investments.
Ripple SBI Asia partner invests in Currencycloud
Ripple SBI Asia and Visa have invested in Currencycloud. As part of a venture capital financing round, the start-up was able to raise more than $ 80 million. Investors also include financial giants such as the International Finance Corporation, BNP Paribas and one of Thailand's oldest banks, the Siam Commercial Bank.
On the other hand, SBI Ripple Asia has become an important partner for Ripple. Last year, the consortium of banks said it intended to take 50% of the Ripple network's transaction volume. As announced, this action will be completed when Ripple’s financial product infrastructure, on-demand liquidity, is in place to send transfers from Japan to other banks in the Asian region.