SMBC the second-largest bank of Japan has decided to invest in Ripple’s MoneyTap and R3’s Corda.
Sumitomo Mitsui Banking Corporation or SMBC is known as the second-largest banking institution in Japan. According to the report of The Nikkie, the mega-bank has partnered with SBI holdings.
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The report says that Sumitomo Mitsui Banking Corporation (SMBC) plans to build a blockchain-based financial service platform therefore it has partnered with SBI holdings. The aim of SMBC bank is to expand and increase the use of the distributed ledger technology in trade finance and bank remittances.
Therefore, in order to develop and spread the use of distributed ledger technology, the Japanese mega-bank will invest money into the companies of the Japanese financial conglomerate.
SBMC to invest in Ripple’s MoneyTap
MoneyTap is created by Ripple and SBI holdings. It is known as the blockchain-powered payments app that allows its users to send money with the help of QR codes or telephone numbers.
This Ripple-powered payment app will now get investment from the Japanese second-largest bank Sumitomo Mitsui Banking Corporation (SMBC). This decision of investing in this app came from SBMC bank right after some banking institutions including Fukushima Bank planned to integrate this payment app.
SBMC bank will not only make the investment in the MoneyTap but also has decided to invest in the R3’s Corda as well. The Corda platform is based in Japan and this investment from SBMC will increase and accelerate the adoption of Corda in the biggest crypto hubs. Both MoneyTap and Corda are expected to get benefits from this investment.