Ripple has always been known for its upcoming projects and latest modifications in its systems so that it never fails in providing the users the best experience in the crypto market.
One such project that it had worked on was Money Tap, which was supposed to be a cash transfer app. However, it was also known that Ripple was not working on it alone and that it had joined hands three banks with SBI Holdings called Resona, SBI Sumishin Net Bank, Suruga Bank.
Well, unfortunately, Resona, Japan’s fifth-largest bank, announced on Thursday that it will no more be a part of the Money Tap project of Ripple. It stated that would cancel the remittance service provided through the app on May 13th. Reason for this decision – Still Unknown.
A BRIEF FLASHBACK ON MONEY TAP:
Initially launched in October 2018, Money Tap has a primary focus on providing bank to bank money transfers in real time using Ripple’s current payments product.
As per the SBI, Money Tap is built with distributed ledger technology. It makes the user capable of sending funds to wherever they want and that too using just recipient’s telephone number or a QR code without any cost.
Moreover the fact that makes it one of a kind is the protocols that it uses for security as it utilizes device’s biometric features such as fingerprint scanning for security