SBI Ripple's MoneyTap Welcomes Four More Japanese Banks

Libra Coin News
Sun, 09/01/2019 - 12:00
Alex Dovbnya
The price of XRP is lulling at $0.256 as Ripple is allegedly preparing to sell $1 bln worth of its native token
Cover image via U.Today
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Japan's SBI Holdings announced that Ripple-powered payment app MoneyGram has onboarded four more banks, including Awa and Kita-Nippon. Thus, the number of financial institutions that act as the project’s shareholders has risen to 29.

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Ripple Transfers More Than $132 Mln Worth of XRP to Unknown Wallet

Ripple’s frenemies

The MoneyTap app was launched back in March 2018 for conducting instantaneous transactions at any time by the Japan bank consortium, which comprises more than 60 banks. The xCurrent-powered platform was seen as a perfect solution for skirting domestic payment limits in the country.

However, as previously reported by U.Today, Resona put the breaks on its partnership with MoneyTap back in April without disclosing the reason for doing so.

While MoneyTap doesn’t use XRP, a subsidiary of SBI Holdings recently revealed that its shareholders would start receiving dividends in the third biggest cryptocurrency. The venture capital arm of the Japanese financial giant SBI Group also added that Ripple’s native token would be one of the most important assets.

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Ripple's Xpring Invests 1 Bln XRP into Content Monetization Platform Coil 

XRP in the doldrums

Despite a flurry of positive news, the XRP price didn’t move an inch with its price sitting at $0.256.

According to Whale Alert, Ripple has recently unlocked a whopping $1 bln worth of XRP, from its escrow wallet, thus reigniting the controversy around its aggressive sales.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.