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SBI Holdings Inc. establishes separate subsidiary to increase promotion of MoneyTap




SBI Holdings, Inc. establishes separate subsidiary to increase promotion of MoneyTap
Source: Unsplash

SBI Holdings Inc., a Japan-based company that is solely focusing on improving the payment infrastructure in Japan, recently announced the establishment of a subsidiary, Money Tap Ltd., to increase promotion of the MoneyTap application.

The subsidiary was set up on March 19, 2019, in Tokyo, and Katsumi Kawashima will be the president and representative director of the subsidiary. The establishment was granted ¥100 million as capital during the time of establishment, which would be increased in the future.

The blog on SBI Group’s website stated:

“The newly established Money Tap will evolve its domestic and foreign exchange consolidation consortium developmentally and take over its role, as well as for banks and general users to drive the rapidly expanding cashless flow. Plan to provide service more quickly.”

In addition, the blog stated that SBI Group started offering MoneyTap application for smartphones, which is based on distributed ledger technology and allows real-time transfer of money to users and banks.

It is powered by DLT to allow a quick, safe, and comfortable money transfer in a country where transactions can only occur on weekdays between 8:30 am and 3:30 pm., with heavy delay otherwise. The app promises 24/7 payments, thus offering customers of the Japan Banking Consortium, which holds over 80% of all the banking assets in the country, a way to transfer value with ease.

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 the accounts.

The blog stated:

“Money Tap will further accelerate innovation by further promoting the introduction of new technologies, etc. with the full cooperation of Ripple in the United States, and in addition to participating in the foreign exchange consolidation consortium, other financial institutions.”

@bechokoy_betts, a Twitter user, commented:

“Money tap going to be the next venmo… Instead of venmo me itll be send me a tap or tap it to me.”

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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