SBI-Ripple relationship moves forward as Kitao focuses on making MoneyTap the group’s flagship product

Fibo Quantum

Ripple and SBI have been making waves with their work together and Yoshitaka Kitao, President of SBI Holdings, is doing everything possible to promote cryptocurrencies in Japan. While attending a Financial summit dubbed ‘Finsum’ in Tokyo, Japan, Kitao offered to make trading commission-free, even for cryptocurrency assets.

While giving a brief about Ripple and its technology being used by SBI, President Kitao shifted his focus to MoneyTap and its relationship with Ripple. The newly-added member to Ripple’s Board of Directors stressed on his intent to take its relationship with Ripple ahead. He said,

“We are focusing on making money taps into the Group’s flagship product. We are going to have various relationships with Ripple in the US, and this alliance is very significant.”

In a quarterly report, SBI was considering the integration of XRP with MoneyTap and Kitao too agreed with it. The use of MoneyTap can resolve issues such as initial installation costs for its member stores and other issues ailing users of its services.

After making the necessary amendments to the Gold and Commercial Law, a law that made provisions for incorporating crypto-assets, it will come into force from April 2020. These amendments will also lead the wait for Security Token Offerings [STO] and an ‘STO self-regulatory organization’ would be set up to regulate the STOs, while at the same time, certifying them. The STO will also make note of fundraising activities taking place through cryptocurrency listings and solicitation sale by SBI securities.

As SBI-Ripple move forward with their partnership, Ripple might also join in to become a MoneyTap shareholder.