Japanese bank Resona will withdraw from Ripple's MoneyTap payment project Large Japanese bank Resona will refuse to participate in the MoneyTap payment blockchain project based on Ripple technology on May 13, according to an official announcement published this week.

Japanese bank Resona to exit Ripple's MoneyTap payment project

Large Japanese bank Resona will refuse to participate in the MoneyTap payment blockchain project based on Ripple technology on May 13, according to an official announcement published this week.

A division of the Resona Group, the fifth largest banking group in Japan, joined the project in October 2018 with SBI Sumishin Net Bank and Suruga Bank.

The MoneyTap payment service was launched on October 3, based on Ripple's xCurrent blockchain solution for internal interbank transfers. The project is being developed by Ripple together with the Japanese financial corporation SBI Holdings. XRP cryptocurrency is not used in it.

Resona noted that he participated in the project from the very beginning, but did not specify the reasons for his last decision, adding only that he will continue to work to improve the quality of customer service..

In late March, MoneyTap received an unnamed amount from 13 Japanese banks and financial institutions. Ripple has not yet commented on the situation with the exit of one of the key participants from the project.

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