Recently Ripple, in cooperation with a Japanese financial giant SBI Holdings, revealed their new website for the application called – MoneyTrap. It will be powered by Ripple’s distributed ledger technology. The app is expected to go live in autumn.
SBI Ripple Asia, which is the joint venture between SBI Holdings and Ripple, said that when the service first will be launched it will be available only for customers of the SBI Net Sumishin Bank, Suruga Bank and Resona Bank, which are the three members of the consortium. After the official launch the service will be provided to all 64 members of the consortium.
This application will let users make domestic transactions 24/7, by using a phone number or a QR code to get rid of the time limitations the traditional banking systems impose.
According to CoinDesk, this is not the first major banking firm to roll out an app enabled by Ripple’s distributed ledger technology. Santander has done this previously in April, by launching a foreign cross-boarder exchange among consumers in Spain, the U.K., Brazil and Poland.
These are good news for Ripple holders, especially those, who bought some during December 2017 and January 2018, when Ripple experienced its ATH. With these news, Ripple is being adopted more widely across banks and their money transfer methods are being used more and more.
But then again, Ripple has faced some serious assumptions of it being centralized, since it cannot be mined, the transactions on its chain are being verified by a centralized blockchain to make it more reliable and fast. They are justifying this by saying that the Ripple’s chain cannot afford to be slowed down, as this has happened to other currencies which support the traditional blockchain infrastructure of it being decentralized where the transactions are being verified by miners.
Disregarding this, it still is a blockchain technology which is being adopted by traditional systems, and that is what this technological revolution is all about. If we look at the recent regulations by different governments, we see that the crypto-space is slowly becoming centralized by governments and that the privacy chains and cryptocurrencies related with private chains and untraceable transactions are becoming the peoples favorite. Just as a lot of people anticipated before the start of 2018. It was clear that this year was going to be the year of regulations, and the sad part is – it’s not over yet. I believe there are big regulations to come till the end of the year. Especially in November when the official G-20 summit will take place.
What are your thoughts of a Ripple powered mobile app? Would you use it?