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XRP News: Twenty Banks Invest in Ripple-Oriented MoneyTap

Coming as a positive development for the Ripple [XRP] ecosystem, around twenty banks have invested in Ripple-centric Money Tap. Notably, MoneyTap is a smartphone app developed for money transfer.

Remarkably, seven new banks are added to the already disclosed thirteen banks, this week. The fresh joining have raised the overall number to twenty. Interestingly, the 7 newly associated banks with the preceding ones have equity in MoneyTap.

It is to be noted that MoneyTap is being administered by SBI Holdings. SBI Holdings is a distinguished financial firm, based out of Japan. Furthermore, the app stays on Ripple’s xCurrent. Interestingly, xCurrent is a solution deployed for cross-border remittance service.

Previously, a number of banks affiliated with the app mentioned that it proffers nearly immediate relocation without any sort of holdup. At the present time, only Suruga Bank Suminobu and SBI Net Bank are attuned to the application.

The most up to date list of banks that stick together with MoneyTap in the capacity of investors are seven. These include Toho Bank, Fukushima Bank, Ashiga Bank, Shimane Bank, Towa Bank, Chibuko Bank, and an unidentified bank. The most up-to-date banks raises the number to 20, taken as a whole, that have invested in the cross-border remittance firm.

MoneyTap was unveiled as a result of the partnership between Ripple and a consortium of banks spearheaded by SBI, referred to as SBI-Ripple Asia.

Interestingly, the current progress in MoneyTap is coming few weeks after Ripple proclaimed a $50 million investment in MoneyGram. Particularly, the aforementioned investment might allegedly lead MoneyGram to explore XRP-dependent remittance service for cross-border payment.

It is to be noted that Ripple [XRP] has been at the front line releasing various remittance tools. The partnership between Ripple and MoneyGram is said to have the possibility of increasing the adoption of XRP across the globe. This is because, MoneyGram, which is the 2nd biggest remittance firm around the world, will be using Ripple [XRP] to service its customers in around two hundred countries.

What is your point of view about the partnership between MoneyTap and Ripple [XRP]. Do let us know in the comments below.

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