Japanese ATMs are about to start offering Ripple (XRP) – the third largest cryptocurrency by market cap – to customers through help from SBI Holdings.
Ripple Gets a Big Boost in Japan
The company is a partner and investor in Ripple. Executives recently issued a statement saying that they will initiate Money Tap – Ripple’s settlement solution – through ATM machines operated by central banks in Japan. This, they say, will give customers more opportunities to spend and utilize cryptocurrency no matter who they bank with.
In addition, SBI Holdings says this will also reduce costs associated with running ATMs. The management team says:
Currently, each bank has an ATM with its own bank app, but with a common web app, the same ATM may be used as its own jointly operated multi-bank ATM.
Money Tap was introduced during the latter half of 2019 for both iOS and Android phones. The system allows users to scan QR codes with their phones so they can instantly receive and send funds to and from other parties utilizing the Money Tap technology.
In addition, SBI has been utilizing Ripple’s XRP currency for remittance payments since late 2019, while Sygnum – a digital asset bank – recently unveiled plans to add XRP support, thereby allowing its customers to own, trade and sell the currency just like they would cash or any other asset.
Mathias Imbach – co-founder of Sygnum – explained that he and his company were very intrigued by Ripple given its size and global scale. He explained that approximately 300 separate banks and financial enterprises utilize Ripple for one reason or another, and that the currency can potentially bring countries together under the name of a single digital asset.
The company’s XRP-based solutions address the pain points of the fast growing $700 billion global remittance market.
While all this may sound fine and dandy, things haven’t been going very well for Ripple as of late. Recently, a second lawsuit was filed against the company for allegedly lying about its currency’s status as a non-security.
A Few Lawsuits in the Mix
The plaintiff is a company that nobody has ever heard of called Bitcoin Manipulation Abatement LLC. In court documents, the company complains that Ripple is a security and should have been advertised as one, and that the money the company has earned over the years should ultimately be returned to all previous investors.
In addition, Ripple is involved in a third lawsuit, this one filed by executives against YouTube for potentially boosting the presence of phony Ripple airdrops and giveaways. Brad Garlinghouse, the head honcho at Ripple, says that YouTube has done virtually nothing to prevent future airdrops from popping up on the video-streaming site, and that the company has even profited from these false giveaways. He further states that this has heavily damaged Ripple’s reputation.