A Malaysian banking group known as CIMB has decided to tap into the ever growing blockchain industry by using RippleNet to make cross-border payments faster and easier. This partnership is mutually beneficial as it will allow the ASEAN market enjoy cheap and fast international payments while increasing the awareness of Ripple’s technology and the XRP token.
Ripple And CIMB Work Together
The blockchain-based solution Ripple has been promoting has already been deployed to help CIMB make SpeedSend, its existing remittance system, more cost efficient and faster. Thanks to the integration of RippleNet, payments across borders to USA, Australia, Hong Kong and UK have become seamless. As part of the collaboration with Ripple, CIMB announced that it is going to explore other use cases of Ripple’s tech. Before now, SpeedSend was used by individuals mainly within the Philippines, India, Japan, Thailand and Singapore.
XRP (XRP) Price Today – XRP / USD
Regarding the announcement, the CEO of Ripple Brad Garlinghouse said:
“We are seeing banks and other financial institutions from all over the world use blockchain-based solutions because they understand that it offers cheap, quick and transparent solutions. This counts whether it is applied in the financial space or any other space”.
The Ripple tech is mainly known for its application in the payment sector. However, this is just one of the use cases of this technology. The XRP token is also a solution provided by Ripple. While the firm did not specify which other solution it intends to explore, it made it clear that it has other use cases in mind.
Ripple is slowly dominating the Asian market and this is going to be a big deal in the future. The World Bank has projected that Southeast Asia will be performing $120 out of the $642 billion global remittances recorded before the end of this year.
XRP Takes Ethereum’s Place Once Again
A few weeks ago, XRP was able to take Ethereum’s place as the second largest cryptocurrency per market capitalization. This happened twice within the same week but ETH was able to recover and hold its ground. Following the positive fundamentals around XRP and Ripple, the token was able to take the second place from ETH once again yesterday.
At the time of writing, XRP was trading at $0.472727. This shows that it was up by 4.45% against the USD and up by 2.72% against Bitcoin. The trading volume within a 24 hour period is $875,421,251 and the market capitalization is $19,037,543,567. The next few trading sessions will determine if XRP will be able to hold grounds against ETH.