Ripple Develops Blockchain-Powered Payment App With 61 Japanese Banks

Blockchain payment app

Ripple’s blockchain technology has been continually making achievements of late. However, this couldn’t help XRP price on the crypto markets. It’s price plunged more than 3% to $0.90 today even though the company made a massive announcement; it would be developing a blockchain payment app in collaboration with 61 Japanese banks to enhance payment transaction time and costs.

This is one of the most significant achievements for RippleNet since its blockchain technology started penetrating the financial sector.

The blockchain payment app, called “Money Tap” would help Japanese banks to settle domestic payments round-the-clock. Japan is among the few countries that have adopted blockchain and cryptocurrencies; the country is also the hub for fintech and manufacturing companies – which amass substantial payment transaction loads on domestic banks.

Money Tap will be available initially for three banks for certain period after which the reaming banks will also join the app.

“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 Wednesday.

Ripple Price Extends the Losses

Besides from Money Tap app, RippleNet has successfully attracted prominent banks, companies as well as Central Banks in the last couple of months. However, XRP price didn’t respond forcefully to these reports. Instead, traders had kept their focus towards the market reports regarding cryptocurrencies and their future potential as a medium of exchange, leaving XRP price to fluctuate with market trends.

Blockchain payment app

Ripple price extended its losing streak for the second day in a row on Wednesday; XRP price dipped 3% today to $0.90, significantly lower from Monday high of $1.08. Ripple price has been under pressure amid a broader selloff in the crypto markets. Bitcoin price plunged more than 3% today, while the rest of top ten digital currencies are declining at low to high mid-single-digit rate.   

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