RippleNet, a global payment network, which is run by the crypto giant Ripple, has added yet another bank in Korea. Shinhan, the second-largest bank in Korea, is now a confirmed ripple client.
According to a presentation from Sagar Sarbhai at Ripple, Shinhan bank joins another 5th largest bank in Korea, Woori bank, in the growing list of Ripple’s banking partners.
In 2017, Shinhan ran a trial with Ripple but never confirmed of being onboard with the Ripple technologies. For instance, it was not apparent when institutions ran a test will they surely buy the idea and utilize it.
However, now it’s clear that Ripple has on-boarded the 2nd largest bank in Korea. It now means that the number of banks working with Ripple is growing exponentially without showing any signs of stopping.
But the big question should be, why are significant banks partnering with Ripple?
Why Ripple is Winning the Banks
One thing has always been clear and consistent with the CEO of Ripple, Brad Garlinghouse. Brad has had a clear vision that Ripple will overtake Swift as a dominant banking infrastructure provider.
The fact that a plethora of banks has already accepted to utilize Ripple means only one thing; that they see a massive opportunity in its technology as well as its digital asset XRP.
So, what’s Ripple secret?
Ripple has xRapid solution, which helps the banks with liquidity while trying to send funds to the emerging markets. Basically, the ripple solutions allow cross-border transactions between banks in a cheaper and faster way than most systems can offer.
The solution is based on blockchain technology and has numerous products. For instance, xCurrent makes it quicker to check the information needed for making transactions.
Moreover, XRP token is continuously growing and is traded publicly on the cryptocurrency exchanges. With demand for the xRapid product increasing, theoretically, the need for XRP will rise with the large-scale transactions and could potentially affect the price.
Ripple is indeed making the right strides to becoming the best in the fintech industry. Recently, the company teamed up with National Bank of Fujairah (NBF) from the Gulf region. With over 200 banks already on board, Ripple and its token XRP are destined for greatness (as things stand).
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.