It’s been an eventful 2018 for Ripple so far, with the San Francisco-based company signing partner after partner. Although Ripple has been struggling to get back to numbers matching its January highs, it still shows plenty of promise. Now the altcoin is giving the crypto community yet another reason to keep its eyes peeled. Ripple has just announced a partnership with 61 Japanese banks to help launch an app that will help settle domestic transactions in an instant.
App to go live in the fall
According to coverage provided by CNBC, the new app will be called MoneyTap, and will begin running in the fall. Initially, only three banks will run the app. These banks are SBI Net Sumishin Banks, Suruga Bank and Resona Bank, all of which are part of the consortium. It is speculated that a beta version will run within the coming month, and the app will officially come out in the fall. Integration with the remaining banks will happen within the next few years.
MoneyTap was created in response to Japan’s current cash settlement system. As of now, the system works through limited hours including weekdays from 8:30 am to 3 pm. CEO of SBI Ripple Asia Takahashi Okita spoke optimistically about the way partnering up with Ripple and other banks will help ease current problems concerning payment transactions in the country.
Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create faster, safer, and more efficient domestic payments experience for our customers.
Ripple’s history with banks
Ripple is known as one of the few cryptocurrencies that has made it its mission to work together with financial institutions. Boasting partnerships with banks in Korea, the United Arab Emirates, and now Japan, it seems like Ripple is paving the way for more success. While some believe this could open up a window for adoption, many remain skeptical about Ripple’s status as a “real” cryptocurrency. Time will tell whether initiatives like MoneyTap will validate Ripple’s position in the cryptoworld.