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MoneyTap, Ripple app secures clearance chit from the regulators

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Ripple continues to expand its territories, and now, it has made a significant step. The Japanese Fintech giant and Ripple’s partner, SBI Holdings has obtained regulatory green chit to start its payment application that’s powered by blockchain, MoneyTap.

In an official statement, the company said it got registered successfully with Kantou bureau, Finance Ministry of Japan. As of this publication, the registration had been completed under the Act No. 2. In other words, SBI Ripple Asia Co., Ltd. is registered as a surrogate agent for electronic payments.

Be it as it may, businesses that have registered with the Finance Bureau will be given the green light to operate electronic payments in Japan. The policy comes after an Act was passed in Japan back in June to revise few banking laws.

MoneyTap App concept was initiated in March 2018 by SBI Holdings. Still, the app had to be cleared by the regulatory authorities because the platform uses distributed ledger technology, Ripple blockchain to be specific, to authorize the app to perform transactions.

GlobalCoinReport reported a report earlier saying MoneyTap is a project introduced by SBI Asia. The ultimate goal of the app is to service the Japanese growing on-demand payment settlements with around the clock, 24/7, service. It is because availability happens to be a significant issue affecting local businesses.

At the moment local banks operate from 8:30 day time till 3:30 afternoon on weekdays. The primary app client will be JBC (Japan Bank Consortium), an organization that boasts 61 local banks including SBI. As the year ends, the application will more likely be up and running with Resona Bank, SBI Net Sumishin Bank, and Suruga Bank as the initial clients.

The Implication of the New Abilities

The new act states that agencies will have the ability to utilize Information Technology utilities. For example, the API (Application Program Interface) will be used to obtain customer balance, usage balances and other data then provide it to depositors.

Agencies too will have the ability to provide services like a transfer for orders from one bak to another on behalf of depositors.

What Does the Move Mean for Ripple-powered MoneyTap App

The move clears the way for SBI Ripple Asia Co’s smartphone app. This is a positive move to bridge the gap to the next gen financial infrastructure powered by Ripple DLT. The application will create a system that will facilitate quick, safe and comfortable money transfer among individuals.

As of now, SBI Ripple Asia Co., Ltd. is the leading Japan Banking Consortium and holds more than 80% of all banking assets in Japan.

According to the company, SBI Ripple Asia will provide factual information to subscribers in addition to the registration of electronic payment agency operators. That is to ensure the electronic payment agency business involving MoneyTap is executed well in the future.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Photo by Helloquence on Unsplash

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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