|

SBI Holdings to use Ripple’s XRP and broaden its network coverage

  • SBI launched MoneyTap, a mobile money transfer app back in October.
  • SBI Holdings is one of the largest banks actively involved in cryptocurrency.

Banking giant SBI Holdings recently announced that it will be using XRP to power remittances from Japan to Southeast Asia. A new report relating to the company’s performance and strategy was recently released. According to this report, SBI’s remittance platform, called SBI Remit, will be using Ripple’s XRP-powered xRapid, which is now known as On-Demand Liquidity (ODL).

SBI Remit makes use of MoneyGram’s payments network. Earlier in June, MoneyGram collaborated with Ripple and it is currently utilizing ODL to transfer dollars into Mexico using XRP as a bridge currency. The report also states that SBI Ripple Asia, another subsidiary of SBI Holdings, will carry out nearly half of Ripple’s global payments network.

In October, SBI also launched MoneyTap, a mobile money transfer app that uses Ripple’s technology. The app allows users to send funds using phone numbers or QR codes. The app is available on both iOS and Android platforms. SBI is focused on employing dozens of Japanese banks on board. At present, the app works with members of two domestic financial institutions: SBI Sumishin Net Bank and Suruga Bank.

SBI Holdings, a long time Ripple partner, is one of the largest banks involved in cryptocurrency. Recently, the company launched crypto trading on its bank-owned crypto exchange VCTRADE. It also invested in Rippleback in 2016.


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Editor's Picks

XRP holds key support amid thinning liquidity on exchanges

Ripple (XRP) regains support at $1.00 on Wednesday, following the headwinds experienced the day before. Near-term support around $0.99 encouraged investors to reengage, supported by the return of inflows into spot Exchange-Traded Funds (ETFs).

Crypto Today: Bitcoin, Ethereum, XRP defend key support as ETF inflows return

Bitcoin’s upside remains capped on Wednesday while the downside appears strongly supported above $64,000. Altcoins, including Ethereum and Ripple, are broadly consolidating with ETH trading above $1,900 and XRP above $1.00.

Pump.fun Price Forecast: Bullish signs support long-term upside

Pump.fun (PUMP) is down 3% on Wednesday, easing after nearly 13% gains the previous day. PUMP derivatives point to increasing leverage-driven demand as Open Interest rises to a seven-month high of $258.62 million.

Bitcoin slips toward key 50-day EMA ahead of FOMC Minutes

Bitcoin (BTC) edges lower toward the 50-day Exponential Moving Average (EMA) around $64,370 at the time of writing on Wednesday after posting a 2.9% gain over the previous two days.

Bitcoin: Hormuz uncertainty clouds BTC outlook
Bitcoin (BTC) trades around $62,900 at the time of writing on Friday, down over 3% so far this week amid cautious institutional demand and persistent geopolitical uncertainty. While BTC shows signs of stabilization, elevated Oil prices and tensions in the Strait of Hormuz continue to weigh on risk sentiment, keeping the Crypto King’s near-term outlook under pressure.