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SBI Holdings’ MoneyTap adds two more traditional banks to complete its list of 30 partners

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SBI Holdings' MoneyTap adds two more traditional banks to complete its list of 30 partners
Source: Pixabay

Japan-based SBI Holdings currently stands as one of the most crypto-accepting financial body as it propels cross-border payments landscape through Ripple’s network. In the latest effort to maintain this trajectory,  SBI’s MoneyTap initiative announced inclusion of two more traditional financial banks, Daiwa Securities Group Inc. and Sumitomo Mitsui Trust Bank, into its list of 30 companies. The announcement was made public via @XrpCenter, who quoted MoneyTap,

“We are pleased to announce that Daiwa Securities Group Inc. and Sumitomo Mitsui Trust Bank will participate as shareholders of Money Tap, bringing the total number of participating financial institutions to 30.”

The MoneyTap initiative is aimed at globalizing a DLT (Distributed Ledger Technology) through an API-based service that connects and enables the traditional banking sector to settle payments in a faster manner. Although the company has previously announced its partnership with several Japanese and international banks, MoneyTap provided a gist of the surrounding development,

“Fintech platform introduction results in financial institutions
Introduced: 8 companies (6 companies *) Preparing for introduction: 5 companies (4 companies *) Expected: 10 companies (6 companies *)”

The official post also highlights that “Megabanks and regional financial institutions that account for about 80% of the total domestic deposits” are speculated to participate in this mammoth financial initiative. Although Ripple’s dominance in the remittance market has raised several unanswered questions about XRP’s usage and its resultant market cap, one crypto enthusiast @ultramoonmaker highlighted,

People still don’t understand the revolution that $XRP is. I pity them.

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Arijit is a full-time journalist at AMBCrypto, who focuses on the XRP and Ethereum ecosystem. Leveraging over three years of experience in media and Majoring in Computer Science, he covers the technical developments in the crypto ecosystem

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