Japanese financial giant SBI Holdings is soon to launch a payments application for iOS and Android devices powered by Ripple's distributed ledger technology.
Takashi Okita, chief executive of SBI Ripple Asia - a joint venture between SBI Holdings and the San Francisco-based Ripple - revealed the website of the application, named MoneyTap, on Wednesday.
While an exact launch date remains unclear at this stage, the site indicates the application is planned to be available in autumn for both operating systems and used for customers of three domestic banks in Japan.
CoinDesk reported in March that SBI Ripple Asia revealed the project was supported by the Japan Banking Consortium it leads, together with Ripple who lends technological support.
SBI Ripple Asia said at the time that the service would be first rolled out for consumers of SBI Net Sumishin Bank, Suruga Bank and Resona Bank, three members of the consortium.
After an official launch, it expected to expand the service to another 61 members of the banking consortium.
The application will let customers conduct domestic transactions 24 hours a day and seven days a week by using a phone number or scanning QR codes in an effort to eliminate the time constraint imposed by traditional banking methods.
SBI Ripple Asia is not the first major banking firm to roll out a consumer-facing application enabled by Ripple's distributed ledger technology, however.
As reported, global banking giant Santander launched a similar service in April for cross-border foreign exchange among the bank's consumers in Spain, the U.K., Brazil, and Poland.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
SBI to Roll Out Ripple DLT-Based Payments App on iOS, Android
Published on Sep 14, 2018
by Coindesk | Published on Coinage
Bitmain Announces Next-Generation SHA-256 Antminer Chips
Bitmain, one of the largest cryptocurrency mining ASIC manufacturing companies, announced on Sept. 21 the release of new SHA-256 mining rigs at the World Digital Mining Summit in Georgia.
Hodler's Digest, September 16-23: Elon Musk Wants Advice on Twitter Crypto Scammers, the US SEC Wants Comments on BTC ETFs
As a result of a security breach on September 14, hackers have managed to steal 4.5 billion yen from Japan's Zaif cryptocurrency exchange, as well as 2.2 billion yen from the assets of the company, with total losses amounting to 6.7 billion yen or around $59.7 million.
Iceland's Industry to Shift From Crypto Mining to 'Pure Blockchain Business,' Insiders Say
Iceland's crypto industry is expected to move away from crypto mining and shift to "Pure blockchain businesses." This is according to forecasts made by a number of local industry insiders who talked to the news site Red Herring September 23.
From a Ripple to a Tidal Wave: Collaboration With PNC Leads to XRP Surge
Ripple made the announcement on Sept. 19, stating that PNC's Treasury Management unit will be using its xCurrent software solution to expedite cross-border transactions for the bank's U.S. commercial clients.