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- Ripple has announced a new investment in the subsidiary of investment giant SBI Holdings, MoneyTap.
- The cash injection is intended to accelerate development and drive new functions such as a common currency and more.
Ripple and SBI Holdings are long-term partners who founded a joint venture called SBI Ripple Asia back in 2016. A few hours ago it was announced in a press release that Ripple is investing again in MoneyTap, a subsidiary of SBI Holdings. The cooperation is best known for the provision of the MoneyTap app, which uses Ripple’s blockchain technology to process cross-border payments quickly and inexpensively.
Investments to promote development and adaptation
By using MoneyTap it is possible to make and confirm payments almost in real time by simply scanning a QR code. The app was launched in October 2018 and is financially supported by Japan’s leading banking consortium SBI Holdings. The big long-term goal is to convince all 61 banks of the consortium to use the app for their customers. Most recently, Japan’s second largest bank, Sumitomo Mitsui Banking Corporation (SMBC), with assets under management of $ 2,036 trillion, also invested in the app. The additional provision of new financial resources is intended to decisively promote development and adaptation:
With this latest investment from Ripple, Money Tap will further strengthen its partnership with Ripple and accelerate the development of new features and new services, including a small amount collection service and a corporate payments function, a common currency, an international remittance service for incoming and outgoing transfers, wire transfer services and a supply Chain finance function that aims to increase customer satisfaction through greater convenience.
The app aims to convince players in the financial world of the advantages of new technologies and to use them for their own business:
By forming an ecosystem with financial institutions and business operators such as payment providers and fintech companies, Money Tap aims to create a customer experience that allows customers to get various services with peace of mind, conveniently and at low prices.
Japan could become the new main location for Ripple
As Brad Garlinghouse recently criticized in an interview and on Twitter, the location conditions in the United States of America are not conducive to the further development of his company. Accordingly, Ripple is currently considering relocating its headquarters to London in the UK or Japan. In the UK, the digital asset XRP is not a security, so the regulatory framework is clear and business-friendly. Japan is one of Ripple’s most important markets, so a change of location is also conceivable here.