Ripple invests in SBI Holdings’ Money Tap settlement platform.
SBI Holdings announced the investment in a new press release. The announcement describes the benefits of XRP, RippleNet, and Ripple’s XRP cross-border payments platform, On-Demand Liquidity.
Further in the press release, SBI describes Money Tap as both a “financial ecosystem” and a “next-generation payment platform that uses Ripple technology as described above”, although the bank is shutting down before saying that the app will explicitly use XRP.
Money Tap was launched in October 2019 and allows people to send and receive money instantly using phone numbers or QR codes. The app is currently available on iOS and Android.
In September last year, SBI Holdings chief executive Yoshitaka Kitao reportedly said that the app, which is fully licensed by Japanese regulators, will use XRP in the future.
Says SBI in the most recent press release,
“With this latest investment from Ripple, Money Tap will further strengthen its partnership with Ripple and accelerate the development of new features and services, including a small money collection service and a corporate payment feature, a community currency, overseas remittance service, and remittance services, and supply chain finance function, aimed at increasing customer satisfaction through greater convenience. “
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