In the course of widening the scope of success in integrating Ripple in the last 3 years, the Strategic Business Innovator Group (SBI) has recently added four new banks into Ripple-enabled MoneyTap. But Would XRP benefit eventually? That’s the question bloating in the mind of XRP investors and enthusiasts.
Things seem falling in place for Ripple, a blockchain tech based in the United States. Back in August 2016, there was a business agreement between SBI and Ripple, which is meant to make virtually all major banks in Japan run on Ripple.
The joint venture was named The SBI Ripple Asia Consortium, comprising 61 banks. The purpose of the establishment is beginning to pay off as almost all the prominent banks in the country reportedly run on Ripple.
SBI Integrates More Banks into Ripple-enabled MoneyTap
Before the latest integration, only 25 banks were running on MoneyTap application. The recent update by SBI, which says that four more notable banks have been added to run on the Ripple-enabled application, is seen as a big boost within the Ripple community.
Of the 61 banks in the consortium, a total number of 29 banks run on MoneyTap application. So it will be great news for Ripple and XRP community members if all the banks in the consortium are fully enabled to run on MoneyTap.
MoneyTap Acceptance by Banks from Onset
From onset, when MoneyTap was launched, only 3 banks accepted to apply the Ripple-enabled application on their networks. However, SBI has been specific that all the banks within the consortium will adopt running on MoneyTap application afterward.
This is helping the adoption of the Ripple powered blockchain solution.
How XRP could benefit from this Integration
According to SBI quarterly report, it was specifically stated that it’s considering the integration of Ripple-owned digital currency, XRP, with the MoneyTap application.
Going by the report and due to the fact that MoneyTap will soon commence cross-border remittances, XRP is clearly good for such purpose, considering the utilities (fast transaction and cheap transaction cost) embedded in the digital token.
If XRP integration is finally achieved by SBI, it will expose the digital currency to the banks that hold 80% of Japan’s total banking assets. This is expected to bolster the value of XRP, and it’s also a green light indication of its global adoption.
Author: Solomon Odunayo