SBI Holdings is setting itself as a 100% Ripple powered financial institution, from a cryptocurrency exchange powered by Ripple to the latest mobile application called MoneyTap to transfer money anytime and anywhere.
XRP showed signs of positivity a few weeks ago when PNC bank in the United States partnered up with Ripple when it overtook Ethereum as the second-ranked cryptocurrency in terms of market cap. XRP showed signs of positivity when MoneyTap launched too. Classifying that Ripple’s conquest of making the ‘internet of value’ is coming true.
XRP has been a hit ever since September, showing signs similar to December when it reached an all-time high. It occurs at a time when 2018 has been tremendously slow for cryptocurrency, and XRP may be the answer cryptocurrency was looking for in terms of mass adoption and institutional investment.
Three banks are already enjoying MoneyTap- Resona, Suruga and SBI Sumishin Net Bank. The convenient of only a phone number, local bank account and QR code makes MoneyTap easy to use for the crypto ignorant.
Ripple is looking at changing the traditional banking method of cross-border payments. As of now, SWIFT may be leading regarding being used by banks. However, Ripple’s latest xRapid has proven to be much faster and cheaper. The new xRapid as compared to xCurrent uses XRP as a currency of exchange and so XRP will rise in value due to the demand by banks for keeping it as reserves.
Money Tap is currently using xCurrent and so may not be in such a demand for XRP however as the technology of Ripple is developing and xRapid being launched it could soon use xRapid’s technology.
SBI Ripple Asia which is a joint venture between SBI and Ripple announced a Japan Bank Consortium which is compromised of 61 banks. As a result, it means the Japan Bank Consortium has a hold of more than 80% of banking assets in Japan and with MoneyTap releasing with their help means it could take over financial institutions in Japan as the sole transaction tool for settling funds.
Image Source – Flicr
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