Things have been looking good for Ripple as of late. Over the last one month, the cryptocurrency has doubled in value and show signs of becoming stronger as the company’s blockchain tech is being used to run a major financial application that is set to be used by more than 60 banks in Japan.
For of you that have ignored Ripple’s XRP, then think again because it is currently the only cryptocurrency that shows real promise of becoming a mainstream currency – at least in Japan anyway.
Ripple Had Joined Forces With Over 60 Japanese Banks
In 2016 Ripple joined forces with SBI Holdings (the Strategic Business Innovator Group financial operations) known as SBI Holdings to create the SBI Ripple Asia partnership. Since then the two have brought together over 80% of the Japnese banking industry in a move that saw the creation of the Japan Bank Consortium in 2017.
Since the creation of the consortium 61 banks have joined making this one of the largest legitimate cooperative financial groups we have ever seen anywhere on the globe. These are banks that normally compete with each other coming together to seek common ground and meet common goals.
One of the main aims of the consortium has been to streamline the Japanese banking system. SBI Holdings pushing through strategic business ideas and Ripple providing blockchain tech as the backbone it was almost inevitable that the SBI Ripple Asia partnership was going to surprise the Japanese market with an out of the blue solution that has the potential to dramatically change the banking system.
With the current system used to approve and manage retail transactions, bank transfers, as well as ATMs in Japan very much out of date, there has been plenty of demand from several banks to come up with a cheaper, more flexible, more reliable, and faster system.
This is exactly what the SBI Ripple Asia partnership has done.
SBI Ripple Asia Has Announced The Money Tap Mobile App That Uses Blockchain Tech
At first, when Ripple introduced the concept of Money Tap in early March 2018, there was some market hype, but most people choose to take the news as just another blockchain fintech announcing yet another new idea that will take years to come out.
Now the app has become reality as CEO at SBI Ripple Asia, Takashi Okita, announced the application is soon to be released to the Japanese market.
Reading into the original announcement, this is going to be a mobile application for Android and iOS devices that will allow people to pay using their mobile, which is linked to their bank account. Obviously, anyone using the app will need to have a bank account with one of the 61 banks that have joined the Japan Bank consortium.
Money Tap Was Designed To Give Japan A ‘Free’ 24/7 Hour Banking System
Smoother transactions can be made and the money will be deducted immediately from people’s account instead of having to wait until Monday (For weekend transactions) to see the withdrawal on their internet banking. This also applies to transaction out of business hours.
In addition to this, people can use the application to make bank transfers and payments online. In short, this is a 24/7 banking system using Japanese Yen that speeds up the entire financial system in the country. What’s more is all transactions are free!
It is said that people will be able to use the app to make payments or transfers using their telephone number, bank account number, 2D codes, or barcodes.
Some Have Suggested This Is Ripple’s Chance To Become Mainstream
With Ripple’s blockchain tech behind the application, there is every chance that in the future XRP could also be integrated as a currency on the application. In fact, I would say the chances of this happening are extremely high. If that does happen, then people in Japan that want to make borderless payments without exchange rate fees or hefty bank fees for transferring overseas will use JPY to XRP facilities.
We are then talking about 80% of Japanese financial assets giving a huge percentage of the Japanese public access to cryptocurrency.
Since Money Tap’s Imminent Release Was Announced XRP Doubles In Value
Ripple was worth around the $0.30 mark most of August and before that, it was not performing much better. However, earlier this month it had shot up to $0.65 but has since stabilised to around $0.55. Now out of all the cryptos out there, this is one of the best performers we have seen for a while.
This rise in price seems to coincide with the announcement of the Money Tap mobile in Japan. Of course, this could all just be speculation, which for now it is. However, being speculative is what makes crypto trading tick at the end of the day.
The fact that Ripple’s tech is involved with an app that is going to be connected to 61 banks in Japan is newsworthy enough. Add a rising value that has come in the same time period, then think about the potential that could be had from an app that has access to over 80% Japanese banking assets, and then add XRP.
For many people out there, this speculative news and the current rising Ripple values are too hard to ignore. XRP is definitely one to look out for in the future.