SBI Ripple Asia Announces Launch of MoneyTap

Recently, Takashi Okita – the CEO of SBI Ripple Asia – announced the completion of the site to a new international payment application. The CEO made this announcement in a tweet on Twitter.

MoneyTap – a Ripple-Based Payment App

MoneyTap is the name of the new cross-border app built by the firm. The website of MoneyTap is completed, but on visiting it, visitors are greeted with a “coming soon” sign that says the application will be launched in the Fall of 2018. The information on the site also indicates that the application will support both iOS and Android.

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XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.463190
-9.60%

MoneyTap Will First Go Live in Japan

A couple of months ago, the firm announced that the application would first go live in Japan and it would be tested by three members of the Consortium of Banks SBI leads. According to the announcement, the three banks to test the application when it goes live are SBI Net Sumishin Bank, Resona Bank, and Suruga Bank. After which, a stunned roll out of the remaining consortium will follow suit.

The consortium of Japan banks, which SBI Ripple Asia leads, comprises of sixty-one banks controlling over 80 percent of all banking assets in the country. Via this consortium, MoneyTap would be able to provide on-demand payments to the vast majority of Japan.

Will MoneyTap Use XRP (XRP)?

This is the big question in the mind of XRP (XRP) HODLers and Ripple enthusiasts. They have all been wondering whether the new SBI Ripple Asia application would use XRP (XRP) in the backend ledger. If the previous applications of Ripple are to be used as a case study, xCurrent is the most likely Ripple solution to be on the application.

The MoneyTap mobile application will go live later this year in Japan, and it will revolutionize the remittance industry once again. If the mobile app uses XRP, it will further increase the exposure and adoption of the coin, hence an increase in its value in over time.

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