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Ripple’s xCurrent powered MoneyTap launched by Japan Banking Consortium

Akash Anand

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Ripple's xCurrent powered MoneyTap launched by Japan Banking Consortium
Source: Unsplash

On 4th October, Ripple announced that the Japan Banking Consortium has launched MoneyTap for real-time settlements of domestic payments in Japan. MoneyTap is an xCurrent powered payment bridge launched by Ripple to make payments faster and more seamless.

Transactions in Japan can only occur on weekdays between 9:00 am and 3:00 pm, with heavy delays otherwise. The financial institutions are closed on the weekends, which has resulted in people looking at different avenues for different modes of transactions. The app can offer consumers the opportunity to transfer money instantly 24/7, thus marking a sea change over the existing systems.

The launch of MoneyTap is aimed to reduce the drastic wait times by eliminating archaic transfer methods. MoneyTap allows users to make transfers to bank accounts, phone numbers or QR codes linked to accounts.

Takashi Okita, the CEO of SBI Ripple Asia which is a part of the Consortium, had earlier 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.”

MoneyTap also aims to reduce the costs levied on transactions by shedding cost associations and ensuring that payments are done quickly and securely.

Emi Yoshikawa, Ripple’s director of joint venture partnerships, had also commented:



“The release of the MoneyTap mobile app shows Ripple’s continued commitment to provide its partners across Asia and the world with blockchain…”

MoneyTap’s release comes in the wake of SBI Ripple Asia which is a subsidiary of SBI holdings registered as a substitute agent for electronic payments. This circular is the one that initiated MoneyTap’s entry into the financial space, complying with Act No.2 of Kanto Local Finance Bureau, Electronic Settlement Agency No.2. Post this announcement, SBI Ripple Asia had said:

“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”

Ripple’s foray into the banking space has occurred right after the conclusion of Swell 2018, Ripple’s global event which also witnessed the announcement of the commercial availability of xRapid. It was even revealed that Ripple has partnered xRapid with three firms namely, Cuallix, Mercury fx, and Catalyst.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Ripple

Ripple’s XRP records relatively low 24-hour trading volume even as prices hold above $0.35

Guest Author

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Ripple's XRP records low 24-hour trading volume; even as coin trumps in third position
Source: Pixabay

The cryptocurrency market has been exhibiting a bullish trend even as Ripple’s XRP steered its way to major declines last week. The digital coin was hovering below $0.40, with very low price action in 2019. XRP was ranked as the third largest crypto-asset with a market cap of $16.03 billion and a price of $0.38, at press time.

However, XRP’s trading volume of $1.28 billion over the past 24-hours painted a different picture. The coin was trading relatively low in terms of its volume.

Ripple’s partnerships and developments did not seem to have had a significant effect on its native cryptocurrency’s trading volume.

The silver crypto, Litecoin [LTC], which is the fifth largest by market cap, recorded a 24-hour trading volume of $4.27 billion, which is nearly four times that of XRP. EOS, the sixth positioned digital asset, stood at a trading volume of $2.04 billion over the past 24-hours.



If the 24-hour trading volume was taken into account, XRP slipped to the seventh position, followed closely by Tron. TRX was closing in with a 24-hour trading volume $858 million.

According to the CoinMarketCap figures, XRP’s trading volume gained momentum on May 14, 2019, registering a massive $5.83 billion in 24-hour trading volume, priced at $0.32, as compared to $1.97 billion the previous day. However, the digital coin endured huge losses over the month as the volume sank soon after. XRP, however, has maintained its price above $0.35.





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