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SBI Ripple Asia Launches MoneyTap App, Japanese Banks Consider the Crypto for Olympics

| Updated
by Sofiko Abeslamidze · 3 min read
SBI Ripple Asia Launches MoneyTap App, Japanese Banks Consider the Crypto for Olympics
Photo: Money Tap

The price analysis of cryptocurrency market suggests Ripple (XPR) is steadily gaining momentum as there are hidden aces up the sleeve that make value of the third biggest digital coin swing upwards.

A couple of weeks has passed since Coinspeaker reported the joint venture of Ripple and the Japan-based SBI Holdings, SBI Ripple Asia completed registration with the Kantou bureau of Japan’s Ministry of Finance seeking for an approval to handle electronic payments via its novatory blockchain-based app MoneyTap.

Until today it has been unclear, whether the Japanese Financial authorities would recognize the company as a licensed agent that is allowed to execute peer-to-peer money transfers using banks’ open APIs. However, Ripple confirmed a launch of the remittance app tweeting that MoneyTap has received the positive feedback from the financial bureau.

To recap, MoneyTap is aimed to reduce the drastic wait times and the rip-off commission levied by the outdated transfer methods, thus it allows users to make transfers to bank accounts, phone numbers or QR codes linked to accounts. Notably the app running on Ripple’s xCurrent network is available for both iOS and Android devices.  

Currently MoneyTap is live with SBI Net Sumishin Bank, Suruga Bank and Resona Bank. This will be followed by a staggered roll out to the remaining 58 banks in the SBI Ripple Asia-led consortium.

Japanese Banks Consider to Launch its Own J-Coin

Japan is marked not only as one of the most blockchain-friendly countries worldwide, it has also been selected to host the next 2020 summer olympics. Admitting the global scope of an upcoming event, Japan struggles to provide the massive influx of tourists with the best service possible.

A group of Japanese banks led by Mizuho Financial Group see it as an exclusive opportunity to introduce a Yen-pegged digital currency showcasing their fintech capabilities. Championed by Mizuho and Japan Post Bank, J-Coin is aimed at weaning the Japanese economy off its dependence on cash. The J-coin mission is to enable users to pay with digital currency for goods and services as well as seamlessly transfer money using smartphone apps.

Notably the J-Coin is anchored to the Japanese national currency Yen, therefore the coin will be exchanged at a one-to-one ratio. J-Coin will likely see release in the coming years, though the infrastructure of the system is not yet clear.

Ripple to Become the Official Cryptocurrency of the 2020 Olympic Games

Here comes a thought: Is it indeed necessary to waste resource for developing a brand new digital currency instead of using a widespread coin? Based on that premise, Ripple (XRP)  is the best choice to become an alternative payment system for the Olympics since its major advantages lies in the field of remittance services. Especially following the Ripple (XPR) expansion to the platform that empowers coin holders to easily buy, sell, store, and transfer their XRP coins via the wallet app.

Ken Takahashi was the first to have an insight as ten month ago he filed a petition to make Ripple (XRP) the official cryptocurrency of the 2020 Tokyo Olympic games. Once created, the petition reached 500 signatures with relative speed, and jumped from 500 to 1,000 in less than 72 hours, according to an update by Takahashi.

Today, it has over 5,200 signatures out of a needed 7,500 to send the petition to to the Olympic National Committee. Ripple Labs has also been tagged on the petition page.

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