Ripple — the blockchain company whose technology powers the cryptocurrency XRP — has created a new payment app in which transactions are settled instantly.
According to news from CNBC, the new app was created with a group of 61 banks in Japan. Dubbed Money Tap, the mobile app will launch in the fall and will be initially offered through SBI Net Sumishin Bank, Suruga Bank and Resona Bank, three of the consortium partners. It will then be rolled out to the remainder of the Japanese banks that are part of the alliance.
Ripple said the new app will make it easier for banks to settle payment transactions 24/7. In order to access the new offering, consumers must have a bank account, phone number or a QR barcode.
“Together with the trust, reliability and reach of the bank consortium, we can remove friction from payments and create a faster, safer and more efficient domestic payments experience for our customers,” Takashi Okita, CEO of SBI Ripple Asia, said in a statement to CNBC.
While many regulators around the world are banning cryptocurrency trading, Japan has embraced it. The country recognizes bitcoin as a legitimate currency and has become a hub of innovation for digital tokens. However, following a heist that resulted in over $500 million in NEM tokens being stolen from cryptocurrency exchange Coincheck, Japan has been growing more concerned. China and South Korea have taken a different tactic, with China banning cryptocurrency trading altogether and South Korea instituting new rules that require people to have real bank accounts if they want to trade in cryptocurrencies.
In recent days, the value of Ripple’s XRP has been increasing as speculation abounds it could acquire an exchange listing. According to news from CoinDesk, based on comments spreading across social media, investors thought XRP’s price would continue to move higher after Ripple’s Chief Executive Brad Garlinghouse was scheduled to appear on CNBC’s “Fast Money” on Tuesday (March 6) with Asiff Hirji, the COO of Coinbase. While the two executives’ appearance on the post-market show might have been coincidental, the report noted it nevertheless fueled the rumors that Coinbase — which currently allows trading of bitcoin, Bitcoin Cash, Litecoin and Ether — will support XRP trading. The report, however, noted another driver of the price of XRP could be due to a surge in trading volume in South Korea.