Japan: Resona Bank Ends Partnership With Ripple-Based Payment App MoneyTap
Major Japanese bank Resona withdrew from Ripple-powered blockchain payment project MoneyTap without specifying the reasons.
Launched on Oct. 3, MoneyTap payment service uses Ripple’s blockchain solution xCurrent, which claims to offer instant domestic bank-to-bank transfers. The project was co-developed by Japanese financial services giant SBI Holdings and blockchain firm Ripple, the firm behind XRP, the third top cryptocurrency by market cap.
In the recent announcement, Resona claimed that the bank will cancel its cooperation with MoneyTap, noting that the cooperation started on October 4. The bank did not provide any specific details to explain its decision to withdraw from the partnership, only adding that it will continue to improve its services for clients.
Prior to MoneyTap’s official launch in October, SBI Holdings received a license from Japanese regulators to handle electronic payments as an Electronic Settlement Agency Service Provider.