The joint partnership between SBI Holdings and the creators of XRP, Ripple, also known as SBI Ripple Asia is now ready to launch their new blockchain based electronic settlement platform, MoneyTap.

This comes after SBI Ripple Asia announced that MoneyTap has been given regulatory clearance by the Japanese Ministry of Finance and that now MoneyTap has all the relevant licenses to go to launch.

MoneyTap needed to receive regulatory clearance because the platform uses distributed ledger technology in order to allow the app to conduct transactions. The regulatory clearance comes off the back of months of work, dating right back to March 2018, when SBI Ripple Asia first launched the MoneyTap app concept.

According to Cryptovest:

“SBI Ripple Asia introduced its MoneyTap project in March. The app will target Japanese on-demand payments with a 24/7 service since availability is a significant issue for local businesses. Currently, domestic banking transactions are conducted on weekdays between 8:30 am and 3:30 pm. The Japan Bank Consortium (JBC), an organization comprising 61 local banks (SBI included), will be the main app client. MoneyTap is set to go live by the end of the year, with SBI Net Sumishin Bank, Suruga Bank, and Resona Bank to be the first clients.”

MoneyTap is not yet ready to be launched, the approval of MoneyTap by Japanese authorities and the issuing of a license does bring MoneyTap one very big step closer to a full roll out. Once MoneyTap is rolled out, as stated previously, it will be used to facilitate on demand and instant payments for local businesses within Japan, 24 hours a day, 7 days a week, a huge improvement to current systems in Japan that only allow for transactions to be made on weekday mornings and afternoons.

Backed by Ripple and of course Ripple’s technologies, this is another example of how blockchain technology is totally changing the face of the mainstream world. Okay, this isn’t going to have a big impact on XRP, but it’s encouraging the growth of Ripple, something that will in turn reflect very positively back onto XRP.

Cryptovest