Ripple recently announced that The Japan Bank Consortium has officially launched its xCurrent-powered MoneyTap app. So how’s the Japan Bank Consortium MoneyTap launch going so far?
— Ripple (@Ripple) October 4, 2018
Ripple xCurrent-powered MoneyTap App
MoneyTap is a consumer-focused blockchain money transfer app that was built by SBI holdings and Ripple. Thanks to the Japan Bank Consortium MoneyTap launch, the app is now available to residents of Japan for download on either iOS or Android devices.
Using Ripple’s xCurrent platform, MoneyTap processes remittances directly from bank accounts to bank accounts. The app does not charge any fee to start using it, and anyone with a bank account can access it.
A cool feature of the MoneyTap app is that you don’t need to know the person’s account number to send them money. Users can just choose a remittee from the QR code of the phone book on the app.
The Japanese Bank Consortium launched MoneyTap to reduce the drastic wait times customers are plagued with thanks to current transfer methods.
Takashi Okita, CEO of SBI Ripple Asia, had earlier stated:
“Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”
Currently, with the MoneyTap launch in Japan, the service is only able to remit between accounts held at three participating Japanese banks—SBI Sumishin Net Bank, Resona Bank, and Suruga Bank. xCurrent does not, by default, utilize the Ripple-linked cryptocurrency XRP, like Ripple’s xRapid product does.
Ripple and Stellar Making Moves
Last week, Interstellar announced that its StellarX platform had been released to the public. StellarX is a Stellar-powered free asset trading platform.
Stellar has been dubbed by the crypto community as Ripple’s ‘little brother.’ Both projects were founded by the same person and are, technically-speaking, very similar. The only difference between the two is who they target. Stellar is geared toward anyone and everyone, whereas Ripple has been built for financial institutions.
Both Ripple and Stellar seem to be making significant strides in the use-case of their projects lately—which is a positive sign. According to CoinMarketCap, both XRP and XLM are trading in the green today.
At press time, XRP is trading at $0.535 a coin, up 1.55% and XLM is trading at $0.245 a coin, up 1.09%, in 24 hours.
Where will MoneyTap launch next?
Featured Image: Depositphotos/© woravitworapani
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