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Ripple’s xCurrent-powered Money Tap faces major setback after Japan’s Resona Bank discontinues collaboration

Febin Jose



Ripple’s xCurrent-powered Money Tap faces major setback; Japan’s Resona Bank to discontinue cooperation
Source: Pixabay

In a major setback to the Ripple-XRP ecosystem, Japan’s Resona Bank announced that they would be discontinuing cooperation with Money Tap, an xCurrent-powered payment service by Ripple which facilitates faster and seamless payments in Japan. According to an official statement released by the bank, their collaboration would come to an end on May 13, 2019.

Though more details on the development are yet to emerge, reports suggest that no other bank will be ceasing their collaboration with Money Tap, as of now. Resona Bank, a subsidiary of Resona Holdings Inc., had tied up with Ripple’s xCurrent-powered Money Tap in October 2018 and was among 13 banks that had signed up for the service.

According to sources, the official statement from Resona Bank read,

“About the cooperation cancellation with the remittance application “Money Tap” Cooperation cancellation date: May 13, 2019 (Mon) Thank you very much for using Resona Bank. Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018 on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding.”

Though the bank is yet to give a specific reason for the cancellation of Money Tap services, many crypto-enthusiasts speculate that the launch of Resona Wallet App is the reason.

The Resona Wallet App, announced in February 2019, has similar functionalities as that of Money Tap. Furthermore, it is speculated that the wallet would be launched in an app format, similar to Money Tap.

Money Tap also received support from Japan’s Banking Consortium and was deemed instrumental in improving the island country’s payments ecosystem. Following the launch of Money Tap, the CEO of SBI Ripple Asia, Takashi Okita, stated,

“Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.


Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability




Source: Pixabay

Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.

Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.

It also stated:

“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”

The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.

This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the  XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.

A Twitter user @XRPCentre tweeted:

“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”

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