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MoneyTap, Ripple app secures clearance chit from the regulators

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Ripple

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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