Ripple, a crypto exchange giant, took a step to deepen its ties with SBI Holdings by investing in MoneyTap. MoneyTap is a subsidiary firm of SBI Holdings and the news of Ripple investment on October 28, 2020, has brought new opportunities.
Moreover, it is believed that with this huge investment by Ripple and other investors, MoneyTap will be able to develop a lot of new functions and services. This will include inbound and outbound remittances, corporate payments, and community currency.
MoneyTap App Relies on Blockchain Technology of Ripple
The partnership between Ripple and SBI Holdings is not something new as they have launched their joint venture “SBI Ripple Asia,” back in 2016 only. Launching MoneyTap was the major focus of this joint venture as it aimed to make money transfer possible through a phone number or QR code.
The MoneyTap app was launched by the Japan Bank Consortium, back in October 2018 and it relies on Ripple’s blockchain technology. It is not only Ripple as several banking institutions have also invested their part into MoneyTap. Sumitomo Mitsui Banking Corporation (SMBC), a banking giant based in Japan, has also made a huge investment. This investment also came in response to its partnership with SBI Holdings.
Garlinghouse Considering Relocation to Japan
Even though this investment is made due to Ripple’s partnership with SBI Holdings, this step also indicates that the exchange wants to make its presence count in Japan. Ripple’s CEO Brad Garlinghouse has revealed recently that they are planning to relocate the headquarters of the company to Japan. According to him, there is not any regulatory clarity in the U.S. market, and due to this, they are considering relocating. Currently, there have been a lot of developments in the crypto and blockchain industry of Japan. Now, this step of investing MoneyTap shows some light upon Garlinghouse’s plans to relocate to Japan.