Ripple has added a new banking partner to its list of customers, something that would help the company expand its network of financial institutions.
The second-largest bank in South Korea, Shinhan Bank, is now a new Ripple customer that is expected to be using the company’s services in the future.
Korea’s Second-Largest Bank Becomes Ripple’s Partner
The list of banks and financial institutions working with Ripple continues to expand. This time, Ripple decided to add Shinhan Bank to its list of customers.
The information was released by Sagar Sarbhai, the Head of Government & Regulatory Affairs at Ripple in the Asia Pacific region.
According to the Twitter user XRP Research Center, one of the most popular XRP supporters on the social media network, explained that two of the largest banks in South Korea are now part of Ripple’s list of customers.
The other bank is Woori Bank, the fifth-largest in the country.
Some other partners include IndusInd Bank, Itaú, Santander, Credit Agricole, Axis Bank, Al Rajhi Bank and many others.
Presentation by Sagar Sarbhai shows @ShinhanBankENG (second largest Korean bank) as a @Ripple customer.
This means that the two of the largest banks in South Korea are now Ripple customers:
1) @ShinhanBankENG (2nd largest)
2) @Wooribank (5th largest)https://t.co/cGPJBz4jCf pic.twitter.com/aUKLS4O28z
— XRP Research Center (@XrpCenter) September 25, 2019
Ripple has been working with a large number of institutional investors from all over the world. The goal is to add as many banks to their network as possible.
Ripple is now a competitor to SWIFT, the largest financial messaging services firm in the world. SWIFT is currently offering solutions to over 11,000 banks and institutions.
Interbank and Vitesse, two banks located in Peru and the United Kingdom, respectively, are going to use the xCurrent system developed by Ripple in order to compete against SWIFT.
However, they will not use the XRP digital asset, which is currently the third-largest in the market after Bitcoin (BTC) and Ethereum (ETH).
Most of the banks are using Ripple’s ledger, but just a few institutions are using the XRP cryptocurrency to reduce costs, make faster payments or source liquidity.
One of the firms using XRP is MoneyGram, that allows individuals to send and receive cross-border payments in just a few minutes.
As reported by Ripple, the xRapid product is working with several exchanges around the world to source liquidity with three countries, the United States, Mexico and the Philippines.
These exchanges include Bittrext in the United States, Bitso in Mexico, and Coins.ph. These platforms allow users to handle three fiat currencies, including U.S. dollars, Mexican pesos and Philippine pesos.
At the time of writing this article, XRP has a price of $0.248 and a market capitalization of $10.7 billion.