Ripple’s SBI Group Partner: Seven Japan-based banks to join MoneyTap
- Among the seven banks joining Moneytap is Chikubo, Ashiga, Towa, Shimane, Toho, and Fukushima.
- MoneyTap is backed by xCurrent but it does not use XRP in its payments.
Ripple’s leading strategic partner in Japan SBI Group has announced that the MoneyTap transfer platform is welcoming seven more participants. Among them is Chikubo, Ashiga, Towa, Shimane, Toho and Fukushima Banks.
According to a report by XRP Research Center:
“SBI Group announces that SEVEN additional Japanese banks (20 in the aggregate as of today) have agreed to invest in Money Tap, Co. Ltd, a brand-new company operating a domestic settlement system for digital payments that Run on Ripple.”
The announcement comes barely 12 months after SBI Group welcomed 13 banks joining the platform. MoneyTap is powered by xCurrent and the new entrants are further expanding the horizon of the cashless payment application.
Although, MoneyTap is backed by xCurrent, it does not use XRP in its payments but has been made in such a way that it supports fund transfer among the banks and individuals with the use of smartphones and QR codes.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
