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Ripple’s Partner SBI Acquires Stake in Daito Bank

newslogical.com 03 June 2020 07:50, UTC
Reading time: ~2 m

Prominent Ripple partner, SBI Holdings, keeps on increasing its tentacles with acquisitions. The firm has again acquired a stake in Daiko Bank, another regional bank in Koriyama, Fukushima.

Prospect co, a real estate company, sold enormous percent of its stakes in the bank to SBI Holdings, and gained around 84 million Yen in profit after the sales.

The acquisition whose concluding amount was not disclosed makes SBI Holdings have a 17.14 percent stake in Daito Bank. Daito Bank is now the fifth bank to benefit from SBI Holdings’ fourth megabank concept centered on linking regional financial firms together to close inter-relationship.

Now, SBI is the largest shareholder of Daito Bank and this may result in redesigning the concept of the regional banks in Fukushima. Don’t forget that SBI Holding also has the largest stake in Fukushima Bank.

The acquisition is a great help for Ripple-centric MoneyTap as the Daito Bank will have no choice than to be part of the MoneyTap concept spearheaded by SBI Holdings and Ripple Inc. Lab.

SBI To Link MoneyTap with ATMs Across Japan

Earlier SBI Holdings declared readiness to link MoneyTap with ATMs in Japan to reduce the cost of fund transfer and make transactions seamless.

The integration of MoneyTap with ATMs owned by different Japanese banks will make customers easily access their funds without minding the banks they are using.

SBI says with each bank having ATM operates with their personal bank app, linking them with a common app will make multi-bank ATM operation possible.

In 2019, SBI launched MoneyTap app on Android and iOS, enabling fund transfer with the use of QR Code and phone number. Transactions on MoneyTap are free, but in some instances, charges depend on the banks.

MoneyTap uses xCurrent for money transfer, and Kitao said he was looking for a way that will make the app make use of XRP token in the nearest future.

SBI Holdings President Kitao is a Member of Ripple Board of Directors

Yoshitaka Kitao, SBI Holdings president is a member of the Ripple Board of Directors. The president has a number of firms, acquired through SBI investment spray, under his management. SBI Holding has an investment in Ripple and R3, andit worked to solve the discord between the two blockchain firms.

Talking about creating use cases for XRP token, Kitao is at the front. SBI Holdings shareholders are being given some amount of XRP to increase the adoption of the digital currency.

Recently, SBI VC Trade, an exchange centered on XRP said it would be giving out 50 XRP to new accounts holders on the platform.

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