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Ripple invests in the MoneyTap app
Ripple invests in the MoneyTap app
Blockchain

Ripple invests in the MoneyTap app

By Alfredo de Candia - 28 Oct 2020

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According to a recent press release, Ripple has decided to invest in the MoneyTap app, a project that is part of the SBI Holding group, a famous Japanese banking conglomerate.

We would like to point out that MoneyTap is an app that allows sending money by simply scanning a QR code and reducing the time and cost of the related transfers, something that has gained a lot of ground, especially in Asia.

In order to expand and scale the MoneyTap offer, which is mainly used at the banking level, RippleNet has been integrated, a technology by Ripple to make blockchain transactions fast and secure; the two companies have been working together for years, and so have the various banks.

Among other things, in 2016 both Ripple and the SBI group founded SBI Ripple Asia, which targets the market in Japan, South Korea and all of South-East Asia, creating the opportunity to fully exploit the speed of 1500 tps (transactions per second) that this asset can reach.

In addition, a service called ODL (On-Demand Liquidity) has also been introduced to reduce the complexity and fees for international transfers, partly because it becomes very difficult to make a transaction without knowing how the tag part of this blockchain is structured.

Ripple and the MoneyTap app towards mass adoption

MoneyTap represents therefore the entry point for the mass adoption of blockchain, at least in Asian countries, since banks themselves will use it massively and this will also have an impact on the end-user, greatly reducing management costs and waiting times for all parties.

In fact, especially in Japan, many bank transfers are made within the country and therefore it is necessary to reduce the burden and cost for end-users. 

Finally, it should not be forgotten that Ripple itself is committed to providing liquidity for CBDCs in order to make their operation process faster. 

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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