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Ripple-Powered MoneyTap to Be Integrated by Major Japanese Bank

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Mon, 11/11/2019 - 07:07
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  • The Ripple-powered MoneyTap app will be integrated by Fukushima Bank because of a new partnership with SBI Holdings

Cover image via www.123rf.com
Contents

Japanese financial company SBI Holdings Inc. has formed a capital tie-up with Fukushima Bank Ltd. As part of the partnership, the regional lender will integrate Ripple-powered payment application MoneyTap

The announcement states that MoneyTap will help Fukushima Bank increase customer convenience while reducing operational costs.

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Unprofitable Japanese banks

As reported by The Japan Times, SBI will become the bank's top shareholder after acquiring an 18 percent equity stake. Fukushima Bank has been struggling to find a path to profitability, but the recent deal could make a difference. 

Overall, 45 out of 105 regional banks in Japan remain unprofitable for the second year in a row due to the country's monetary policy. The Bank of Japan has been pushing quantitative easing for the past six years in order to boost spending, but it puts a lot of pressure on banks that keep struggling with earnings. 

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MoneyTap as a solution

The MoneyTap app was launched by the Japan Bank Consortium back in March 2018. The app allows its users to make bank-to-bank transfers with the help of telephone numbers or QR codes.        

As reported by U.Today, SBI Ripple's MoneyTap onboarded four more regional banks, including Awa and Kita-Nippon, at the beginning of September, which brought the total number o financial institutions using the application to 29.

Thus, Money Tap continues to swell with additional partners after Resona, the fifth largest Japanese financial institution, abandoned the app back in April.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • With COVID-19 being the main hellraiser for the last weeks within blockchain space, the BitMEX derivatives exchange has brought some good news about Bitcoin (BTC).

Cover image via stock.adobe.com
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BitMEX Research, an analytics branch of the BitMEX crypto derivatives exchange ecosystem, attempted to figure out who are the most influential and productive Bitcoin (BTC) developers.

Blockstream and Lightning Labs are Most Generous

First of all, analysts at BitMEX research studied the funding of open source developers working on Bitcoin (BTC) or the Lightning Network, the second-layer scalability solution working atop the flagship blockchain. Below is the chart that includes only developers with known sources of funding:

Current funding of open source developers working on Bitcoin or Lightning – number of developers
Image by BitMEX Research

It looks like the Canada-based company Blockstream shares the first position with Lightning Labs Inc., which based in San Francisco. The later team recently raised $10 million in Series A financing from Slow Ventures, Ribbit Capital, and other private investors.

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Jack Dorsey's Square Crypto is in third place. The company is passionate about Lightning development as an on-board pseudonymous developer, which is well-known for its contribution to this infrastructure. 

Independent Devs on the March

In the second part of their research, the analysts tracked the GitHub committing activity in Bitcoin Core's repositories. Based on their research, it appears that the independent developers surpass their corporate competitors by a wide margin.

Current funding of top 33 Bitcoin Core contributors by number of commits
Image by BitMEX Research

These results allowed BitMEX Research to conclude that the Bitcoin (BTC) development ecosystem is the following:

is in a reasonably strong situation with respect to developer funding, based on metrics such as the distribution of funders and transparency. 

This is in comparison with the initial stage of Bitcoin (BTC) adoption in 2012-2014, when the Bitcoin Foundation was the one and only significant contributor.  Nowadays, diversity has brought funding sources, which in turn, has upgraded the decentralization and development process of Bitcoin (BTC) software. So, according to the researchers:

the situation is more healthy than it has been in the past

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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