On 26th September, Ripple’s partner and Japanese Fintech giant SBI holdings announced today that its subsidiary SBI Ripple Asia is registered as a substitute agent for electronic payments. The registration was completed earlier today under the Act No. 2 of the Kanto Local Finance Bureau, Electronic Settlement Agency No. 2.
The announcement stated that only those registered with the Finance Bureau will be able to run an electronic payment agency in Japan. The rule came into existence after an Act was passed in Japan on 1st June 2018, to revise several banking laws.
Through this act, agencies can utilize Information Technology utilities, such as an open Application Program Interface [API] to obtain information like customer balance, usage history, and provide them to depositors. The agency will also be able to provide services such as the transfer of orders from one bank to another on behalf of the “depositor”.
This move will clear the way for SBI Ripple Asia’s smartphone application “MoneyTap”. MoneyTap is a bridge to the next-generation financial infrastructure powered by Ripple’s Distributed Ledger Technology [DLT]. The app is said to create an environment that allows quick, safe and comfortable transfer of money between individuals.
SBI Ripple Asia heads the Japan Banking Consortium which holds over 80% of all the banking assets in Japan. The financial institutions participating in the Consortium will be able to integrate with MoneyTap using an open API. Previously, the company stated that 3 banks which are a part of the Japan Banking consortium will be the first to go live on the app.
The company concluded by stating:
“SBI Ripple Asia will provide appropriate information to users in addition to the registration of electronic payment agency operators in order to ensure that the electronic payment agency business pertaining to “MoneyTap” will be properly implemented in the future.”
They further added:
“Appropriate implementation of the contract and the disclosure obligations of the participating banks. We strive to achieve a safe and easy-to-use, non-friction settlement, and through cashless, we will develop new industries and reduce social costs and increase productivity.”
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Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing
Ripple and XRP have been mainstays in the cryptocurrency market for a long time now, with the company known for its partnerships with several institutions while the XRP community continues to be one of the most active spaces in the cryptoverse. In a recent interview, Monica Long, Senior Vice President of Marketing at Ripple, spoke about XRP’s positives, as well as Ripple’s future plans.
Speaking to Trader Cobb, Long stated that the main focus of XRP is utility as “the success of any cryptocurrency comes down to how useful it is.” The VP of Marketing added that XRP is very fast, with the added advantage of increased scalability, when viewed as a settlement asset. In her words,
“XRP is very scalable, almost 50-100 transactions per second. The design and consensus also become faster because it does not face the same network issues as Bitcoin or Ethereum. When it comes to RippleNet however, the killer use case comes in serving liquidity on an on-demand basis.”
Long touched upon Xpring and the involvement of the broader cryptocurrency community in developing XRP’s use cases. She also clarified some points with respect to XRP’s inflow into the ecosystem accounting for a major share of XRP, owned by Ripple. According to her,
“RippleNet customers if they choose to use xRapid, which makes use of the XRP liquidity, don’t have to hold XRP to conduct processes. Hedge funds and other market makers provide that XRO and the liquidity is through cryptocurrency exchanges. We do sell Over the Counter to credit institutions.”
With regard to future developments, Long claimed that Ripple is focused on driving growth for RippleNet, as well as increasing institutional adoption. Apart from that, Ripple is also planning to partner with more financial institutions in other countries, as well as accelerate volumes on the internet. Monica Long encapsulated the organization’s plans by stating,
“We want customers to be thinking about how RippleNet can improve services in as many financial corridors as possible.”
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