- Sumitomo Mitsui Banking Corporation, the second largest Japanese bank, has partnered with SBI Holdings to build a blockchain-based banking platform.
- SMBC is investing in Ripple’s MoneyTap app, which allows users to send money using a telephone number or QR code.
- However, SMBC is just one of hundreds of banks using Ripple’s products.
The second largest bank in Japan, Sumitomo Mitsui Banking Corporation (SMBC), recently partnered with SBI Holdings to build a blockchain-based financial services platform. SMBC is planning to put funds into companies involved with the Japanese financial conglomerate, as a way to expand the use of blockchain technology in finance and remittance. Ripple is part of that plan. So, the second largest bank in Japan is investing in Ripple’s MoneyTap - what does that mean for the company?
What is Ripple?
According to eToro, “Simply put, Ripple is the company behind XRP. RippleNet and the XRP Ledger were created by RippleLabs, which uses open-source technology to beat Bitcoin in speed, and banks and other financial institutions in fees. Having launched in 2012, Ripple soon exploded onto the crypto scene.”
The low-down
As part of the plan, SMBC has decided to invest in the blockchain-powered payment app MoneyTap, which is owned and developed by Ripple and SBI Holdings. This move comes after Fukushima Bank, and a number of other financial institutes, decided to integrate the app.
MoneyTap enables its users to send money using a telephone number or QR code - however, no XRP is involved in the process. While it’s part of the Ripple company, it’s not technically involved with the cryptoasset.
SMBC is not the first
SMBC is far from the first bank to invest in Ripple’s products. In fact, when we look at the xrparcade.com website, we can see that more than a third of the world’s largest banks are using Ripple. They may be piloting it, but many are already using it in business operations. This means that Ripple’s products are being used in more than 250 banks, in over 50 countries.
Mitsubishi UFJ Financial Group, the fifth largest bank worldwide, is collaborating with Ripple to provide cross-border money transfer services based on the payment corridor from Brazil to Japan.
This table, from crypto-news-flash, shows the top 10 banks using Ripple’s products:
While it’s big news that the second largest bank in Japan is investing in Ripple’s MoneyTap, they’re really only following in the footsteps of hundreds of other banks already using Ripple’s products. Now’s definitely the right time to get in on XRP - head to eToro to start trading today.
Ripple is on the up
With the second largest bank in Japan investing in Ripple’s MoneyTap, and hundreds of other banks already using or piloting Ripple’s products, it’s no secret that RIpple is on the up. In fact, as the cryptocurrency with the third largest market cap, it’s likely that we’ll see even bigger movements from them soon. Ripple is rising, and 2020 is set to be one hell of a year for the company, and XRP.
https://coins.newbium.com/post/29805-second-largest-bank-in-japan-is-investing-in-rippl
