South Korea’s second largest bank cooperates with Ripple

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

The list 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 such as 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 country to another in a matter of seconds at very low fees. The software solutions include xCurrent and xRapid. The second one uses the XRP token as bridge currency to transfer payments.

Ripple works with Shinhan Bank

The newest partner is the second largest bank in South Korea, Shinhan Bank. The bank has a long tradition and was founded in 1982 in Seoul. Together with Jeju Bank, it belongs to the consortium of the Shinhan Financial Group. In addition, Chohung Bank merged with Shinhan Bank on 1 April 2006.

In 2016, Shinhan Bank had a balance sheet total of KRW 298,945 trillion (USD 260 billion) and loans of KRW 221,228 trillion (USD 184 billion). The Shinhan Bank is the financially strongest subsidiary of the Shinhan Financial Group and 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.

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New partnership – positive sign 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 cannot be determined exactly.

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

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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