Yesterday Japan’s SBI
announced that it plans to add seven new banks for
MoneyTap, the blockchain remittance network. The app launched in March and the latest additions brings the total number of investors to twenty. Separately, Mizuho announced the addition of seven banks to its J-Coin project.
The MoneyTap project was originally an initiative from SBI Ripple Asia, the joint venture owned 60% by Japanese finance conglomerate SBI and 40% by Ripple. At incorporation MoneyTap was a subsidiary of SBI Holdings, but other banks have now bought shares. MoneyTap uses Ripple’s xCurrent protocol which handles digital messaging and initially does not use XRP.
One of SBI’s subsidiaries has also created an API connection into the system.
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Image Copyright: SBI Ripple Asia
