The joint forces between Ripple and SBI Holding which brought about the creation of SBI Ripple Asia is set to create another ripple in the finance industry as the San Francisco-based blockchain company pledged a new investment that will bring to the world, new products and services.
As related in a release issued by SBI Holding today, October 28, Ripple Labs Inc. made an investment into MoneyTap, an application that eases the transfer of funds into bank accounts directly.
Per the release, the investment would be dedicated to the development of the blockchain-based application, and it will further strengthen MoneyTap’s partnership with Ripple.
The fund would hasten the rollout of new services and functions on the application. Soon, the application will make available services like small-amount collection, a community currency, inbound and outbound remittance, and functions like supply chain finance, corporate payment, to heighten the satisfaction of users.
MoneyTap is a subsidiary of SBI Holding. Developed on Ripple, MoneyTap was launched in October 2018 to allow customers to transfer money across the border instantaneously with a QR code.
The application has so far received investments from big and leading banks including Towa Bank, Ashiga Bank and Chibuko Bank among others.
Recently, Sumitomo Mitsui Banking Corporation (SMBC), the second-largest bank in Japan, and a strong partner of SBI Holdings, invested in MoneyTap. MoneyTap has been using the investment funds for the development of the application to serve customers better.
While the United States of America continues to lag behind in its support for blockchain and cryptocurrency, Ripple is considering moving its headquarter into UK or Japan. Both countries seem to be favorable for the blockchain firm as XRP is not considered security in the UK, creating a clear regulatory framework for XRP to operate there. Meanwhile, Japan is also regarded as a huge marketplace for Ripple as a chunky size of XRP usage comes from the country.
Brad Garlinghouse, the CEO of Ripple, also down-played US hostility towards cryptocurrency, stating that the country may fail in leading the world in the FinTech industry.