The cryptocurrency has been attracting considerable financial sector attention and is set to explode.
The Ripple app is taking the spotlight in front of the massive Japan Bank Consortium. The cryptocurrency has been drawing considerable global financial sector attention.
The company behind it is developing a unique method of streamlining cross-border transactions.
Many feel the Ripple app could turn the banking industry on its head. The Japanese bank consortium is looking to get in early to adequately revamp to keep up. The new mobile app recently launched in the country.
Investors in Ripple have been watching the cryptocurrency making its rise in Asia. This is attracting financial service providers such as banks throughout that part of the world. That said, this trend is particularly strong in Japan. Several banks are taking this trend as encouragement to begin experimenting. They are trying to develop an understanding and application for the tech before real-world public use cases begin.
The Ripple app is expected to start making its way into public use in the very near future.
The majority of cryptocurrency traders and experts feel Ripple is on the cusp of entering public use. The new Japanese mobile app will be the launching point for these transactions. The Ripple application is called MoneyTapp. The app is powered by the crypto’s own blockchain technology.
All the Japan Bank Consortium customers will be able to make instant transactions with the Ripple powered application. This represents a tremendous shift for the global banking industry in its entirety. Moreover, it represents the first mobile app of this size and nature in Japan. Never before have a group of large banks come together to use the same mobile payments app.
That said, while each of the banks have seen potential in the cryptocurrency’s technology, challenges remain. Forming a unified banking ecosystem presents a spectrum of issues that must be overcome. It will not be easy for the moment and will continue to be difficult into the future.
This helps to explain why all sixty of the banks participating in the Japan Bank Consortium will go live in the Ripple app. At least not at its launch. The roll-out will involve only three. Still, others will be following over time.