Home » News » Southern Korea’s second largest financial institution cooperates with Ripple

Southern Korea’s second largest financial institution cooperates with Ripple

  • 3 min read
  • XRP
Spread the love

  • Ripple’ s partner network now includes more than 200 partners worldwide. Among them are usually heavyweights such as Santander Financial institution and Barclays.
  • Ripple’ s i9000 most recent cooperation is with Shinhan Bank, the second largest bank in South Korea.
  • Regardless of whether xCurrent or xRapid and the native token of Ripple, XRP, is used, has not however become public.

Record of banks and financial institutions working with the American startup Ripple is growing and prospering. Ripple now has a partner network that includes banks and financial industry heavyweights like Axis Bank, SABB, TransferGo, American Express and many more. All these companies share a common goal: to make cross-border payments cheaper and faster.

To this end, Ripple provides various software solutions that transfer money from one nation to another in a matter of seconds in very low fees. The software solutions include xCurrent and xRapid. The second one uses the XRP token as bridge currency to transfer obligations.

Ripple works with Shinhan Bank

The newest partner is the second largest bank in Southern Korea, Shinhan Bank. The financial institution has a long tradition plus was founded in 1982 within Seoul. Together with Jeju Financial institution, it belongs to the consortium from the Shinhan Financial Group. In addition , Chohung Bank merged along with Shinhan Bank on 1 April 2006.

In 2016, Shinhan Bank had a stability sheet total of KRW 298, 945 trillion (USD 260 billion) and financial loans of KRW 221, 228 trillion (USD 184 billion). The Shinhan Bank may be the financially strongest subsidiary of the Shinhan Financial Group as well as the driving force of the conglomerate. So far, there is no information as to whether xCurrent or xRapid should be used as the payment solution.

Brand new partnership – positive indication for the XRP price?

Despite the news, the XRP price is still unimpressed and has fallen by 2 . 14% to USD 0. 2397. Within the last 30 days, the price of XRP has fallen by -12. 89%. The crypto market is currently in a downward trend, the actual reasons for which usually cannot be determined exactly.

Industry experts are divided. Some believe that a new carry market has begun. The other component is of the opinion how the expiry of the Bitcoin Future contacts at the CME is in charge of the downtrend. As always, we can only speculate about the connections. The next few days will show in which direction the market will develop.

Der Anteil South Korea’ s 2nd largest bank cooperates along with Ripple erschien zuerst bei Crypto News Flash.