Second largest bank in Japan is investing in Ripple’s MoneyTap
- Sumitomo Mitsui Banking Corporation, the second largest Japanese bank, has partnered with SBI Holdings to build a blockchain-based banking platform.
- SMBC is investing in Ripples MoneyTap app, which allows users to send money using a telephone number or QR code.
- However, SMBC is just one of hundreds of banks using Ripples products.
The second largest bank in Japan, Sumitomo Mitsui Banking Corporation (SMBC), recently partnered with SBI Holdings to build a blockchain-based financial services platform. SMBC is planning to put funds into companies involved with the Japanese financial conglomerate, as a way to expand the use of blockchain technology in finance and remittance. Ripple is part of that plan. So, the second largest bank in Japan is investing in Ripples MoneyTap - what does that mean for the company?
What is Ripple?
According to eToro, Simply put, Ripple is the company behind XRP. RippleNet and the XRP Ledger were created by RippleLabs, which uses open-source technology to beat Bitcoin in speed, and banks and other financial institutions in fees. Having launched in 2012, Ripple soon exploded onto the crypto scene.
https://www.youtube.com/watch?v=epvQvY9IdHE&t=10s
The low-down
As part of the plan, SMBC has decided to invest in the blockchain-powered payment app MoneyTap, which is owned and developed by Ripple and SBI Holdings. This move comes after Fukushima Bank, and a number of other financial institutes, decided to integrate the app.
MoneyTap enables its users to send money using a telephone number or QR code - however, no XRP is involved in the process. While its part of the Ripple company, its not technically involved with the cryptoasset.
SMBC is not the first
SMBC is far from the first bank to invest in Ripples products. In fact, when we look at the xrparcade.com website, we can see that more than a third of the worlds largest banks are using Ripple. They may be piloting it, but many are already using it in business operations. This means that Ripples products are being used in more than 250 banks, in over 50 countries.
Mitsubishi UFJ Financial Group, the fifth largest bank worldwide, is collaborating with Ripple to provide cross-border money transfer services based on the payment corridor from Brazil to Japan.
https://www.youtube.com/watch?v=Ket7OgJXrZY&t=7s
This table, from crypto-news-flash, shows the top 10 banks using Ripples products:
While its big news that the second largest bank in Japan is investing in Ripples MoneyTap, theyre really only following in the footsteps of hundreds of other banks already using Ripples products. Nows definitely the right time to get in on XRP - head to eToro to start trading today.
https://twitter.com/Ripple/status/1221877944148267010?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Ripple is on the up
With the second largest bank in Japan investing in Ripples MoneyTap, and hundreds of other banks already using or piloting Ripples products, its no secret that RIpple is on the up. In fact, as the cryptocurrency with the third largest market cap, its likely that well see even bigger movements from them soon. Ripple is rising, and 2020 is set to be one hell of a year for the company, and XRP.
https://coins.newbium.com/post/29805-second-largest-bank-in-japan-is-investing-in-rippl
- SMBC is investing in Ripples MoneyTap app, which allows users to send money using a telephone number or QR code.
- However, SMBC is just one of hundreds of banks using Ripples products.
The second largest bank in Japan, Sumitomo Mitsui Banking Corporation (SMBC), recently partnered with SBI Holdings to build a blockchain-based financial services platform. SMBC is planning to put funds into companies involved with the Japanese financial conglomerate, as a way to expand the use of blockchain technology in finance and remittance. Ripple is part of that plan. So, the second largest bank in Japan is investing in Ripples MoneyTap - what does that mean for the company?
What is Ripple?
According to eToro, Simply put, Ripple is the company behind XRP. RippleNet and the XRP Ledger were created by RippleLabs, which uses open-source technology to beat Bitcoin in speed, and banks and other financial institutions in fees. Having launched in 2012, Ripple soon exploded onto the crypto scene.
https://www.youtube.com/watch?v=epvQvY9IdHE&t=10s
The low-down
As part of the plan, SMBC has decided to invest in the blockchain-powered payment app MoneyTap, which is owned and developed by Ripple and SBI Holdings. This move comes after Fukushima Bank, and a number of other financial institutes, decided to integrate the app.
MoneyTap enables its users to send money using a telephone number or QR code - however, no XRP is involved in the process. While its part of the Ripple company, its not technically involved with the cryptoasset.
SMBC is not the first
SMBC is far from the first bank to invest in Ripples products. In fact, when we look at the xrparcade.com website, we can see that more than a third of the worlds largest banks are using Ripple. They may be piloting it, but many are already using it in business operations. This means that Ripples products are being used in more than 250 banks, in over 50 countries.
Mitsubishi UFJ Financial Group, the fifth largest bank worldwide, is collaborating with Ripple to provide cross-border money transfer services based on the payment corridor from Brazil to Japan.
https://www.youtube.com/watch?v=Ket7OgJXrZY&t=7s
This table, from crypto-news-flash, shows the top 10 banks using Ripples products:
While its big news that the second largest bank in Japan is investing in Ripples MoneyTap, theyre really only following in the footsteps of hundreds of other banks already using Ripples products. Nows definitely the right time to get in on XRP - head to eToro to start trading today.
https://twitter.com/Ripple/status/1221877944148267010?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet
Ripple is on the up
With the second largest bank in Japan investing in Ripples MoneyTap, and hundreds of other banks already using or piloting Ripples products, its no secret that RIpple is on the up. In fact, as the cryptocurrency with the third largest market cap, its likely that well see even bigger movements from them soon. Ripple is rising, and 2020 is set to be one hell of a year for the company, and XRP.
https://coins.newbium.com/post/29805-second-largest-bank-in-japan-is-investing-in-rippl