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

Febin Jose

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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.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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