XRP (XRP) is recovering once again from the dips earlier last week. Yesterday, XRP (XRP) saw an increase of more than 9 percent and traded over the 50 cents level. On Wednesday, the value of XRP tested a new weekly low at 44 cents.
However, the digital currency ended the week with 51 cents. The rise in the value of the digital currency helped it to replace Ethereum (ETH) as the second largest digital currency. The gap between both digital currencies was small. Nevertheless, the gap has extended to over $2 billion.
XRP (XRP) has managed to stay on top of the game due to the developments and partnership surrounding it. From the interoperability of xRapid to a new partnership with the largest bank in Asia, the rise in the value of XRP follows a week of continuous news on XRP and Ripple.
Ripple Inc. Set to Reinvent the Banking System in Asia
While other crypto projects are more focused on luring retail customers to use their digital currencies, Ripple is doing something extraordinary. Ripple Inc. is fostering banking transformation via strategic partnerships with financial institutions across the globe.
The technology of Ripple has a far-reaching impact, and a lot of banks are beginning to feel that impact. The Siam Commercial Bank of Thailand (SCB) is one bank that has realized the impact of this technology on the development of its business.
SCB was looking for a firm to enhance the international payments system in the ASEAN region. According to Colin Dinn, the bank later found Ripple Inc. – a firm that shares the same vision with the bank. Colin Dinn is the Head of Operations and CTO of SCB.
The Deficiency of the Banking Business in Asia
The banking sector in the Southeast countries in Asia has a lot of flaws and inefficiencies. Some of the issues with banking business other there include high transaction fees for cross-border settlements and poor remittance services. It also takes much longer to process transactions due to the lack of reliable correspondent banks.
To remain competitive and relevant, banks have to change their old ways of doing business and embrace technological innovations. They have to look for customer-focused solutions and strategies to meet and exceed expectations.
XRP (XRP) Price Today – XRP / USD
SCB was looking for a way to enhance its transactions, to make its remittance much faster, cheaper, and easier for its customers. In the search for that much-needed solution, the bank entered into a partnership with Ripple. According to the CTO of SCB, the partnership between Ripple and SCB emanated from a transformational process that began two years ago. The partnership is aimed at exploring new business models and transforming the bank into a new generation tech-savvy bank.
SCB recently launched a RippleNet-based retail product for the Thailand-Japan remittance hallway. RippleNet is a platform that connects financial institutions and banks all over the world for seamless and easy international payments. At the moment, more than 200 firms have joined the network, and the number is increasing as Ripple secures more partnerships.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.