US-based fintech company Ripple has just reported it plans to make an investment in MoneyTap, a consumer-focused blockchain money transfer app created by SBI Holdings and Ripple.
The amount of the investment has not been disclosed in the press release that was shared yesterday.
MoneyTap is a money transfer app launched back in 2018 through the joint venture between SBI and Ripple SBI Ripple Asia. The app works in a very similar way to PayPal's Venmo by allowing users to send and receive money through their phone numbers or QR codes.
MoneyTap uses Ripple's global financial settlement network, RippleNet, which allows payments to be made without the delays, high costs and opacity of traditional international remittance systems. RippleNet directly connects sending and receiving banks and shares information through a distributed ledger, making the process much faster and transparent.
MoneyTap is also supported by other Japanese financial institutions such as Sumitomo SBI Net Bank, Daiwa Securities Group Headquarters, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Ashikaga Bank, Ogaki Kyoritsu Bank and Seven Bank.
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