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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

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Encrypgen
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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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