Ripple, the blockchain-based payment network, suffered a setback after Japan’s Resona Bank said it would no longer use MoneyTap, a consumer-centric retail payments app that uses Ripple’s enterprise blockchain technology.

Resona – Japan’s fifth-largest financial institution – did not provide a reason for the abrupt cancellation, which makes it the first Japanese bank to quit the MoneyTap project. It’s unclear if others will follow. Withdrawal Comes 6 Months After Agreement The cancellation takes effect on May 13. Resona made the surprising announcement April 11 on its website, where it said: “Resona Bank will cancel the cooperation with the money transfer

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