Officials announced that Ripple has invested in Money Tap, a secondary of Tokyo-based financial group SBI holdings.
With the recently introduced funds, Money Tap can boost the development of new functions and services like community currency, business payments as well as inbound and outbound transfers.The MoneyTap app using Ripple's blockchain technology was created by the Japan Bank Consortium in 2018 to facilitate instant settlements.
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The final objective for MoneyTapp is to enlist the 61 banks that are members of the association. ManeyTapp has faced many difficulties. Resona Bank left the project without explaining the reason for the decision in April 2019.The investment highlights Ripple's plan to solidify its presence in Japan which has been one of the strongest markets for the San Francisco-based blockchain startup. Recently Ripple CEO Brad Garlinghouse revealed that his company was considering moving its headquarters to Japan due to absence of regulatory clarity in the U.S.