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SBI Ripple Asia to Trial Store Settlement Service for XRP-Powered Payments App MoneyTap

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SBI Ripple Asia — a subsidiary of Japanese financial services giant SBI Holdings — is launching a store settlement service affiliated with SBI Holdings and Ripple’s jointly developed consumer-focused XRP-powered payments app MoneyTap. The news was reported by Cointelegraph Japan on May 30.

As previously reported, MoneyTap — which launched in the fall of last year — implements Ripple’s blockchain solution xCurrent to enable near-instant domestic bank-to-bank remittance services.

The new store settlement service reportedly intends to pave the way for the roll out of full-scale in-store payment services using MoneyTap by the end of the year.

Its first trial demonstration — which leverages QR code technology using smartphones — will be conducted by SBI at a restaurant in Roppongi 1-chome Izumi Garden Tower, Cointelegraph Japan reports. SBI will reportedly analyze user experiences in order to develop the service before its launch at scale.

As reported, MoneyTap’s launch was finalized after SBI Holdings successfully secured a license from Japanese regulators in September 2018 to handle electronic payments as an “Electronic Settlement Agency Service Provider” under legislation rolled out in March 2017.

MoneyTap aspires to eventually see a consortium of 61 Japanese banks — representative of more than 80% of all of Japan’s banking assets — participate in the service, and received investments from 13 Japanese banks this March.

In April, SBI Holdings’ CEO and representative director Yoshitaka Kitao was appointed as an executive of Ripple Labs Inc.

As a Cointelegraph feature piece has recently outlined, SBI Holdings’ launch of the SBI Virtual Currencies platform in July 2018 made Japan the first country to host a bank-owned cryptocurrency exchange.

The exchange’s financial report for the fiscal year ending March 31 2019 revealed it had achieved profitability within the first year of its launch.

SBI has also made a wide-ranging series of investments in businesses developing crypto infrastructure and services.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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