- Ripple Has Listed South Korea’s Second Largest Bank to RippleNet
- Latest Strides by Ripple Hasn’t Improved XRP Utility
It is no secret that, the Blockchain network, Ripple, has continued making strides and signing up partnerships. The recent way in which Ripple has expanded its coverage in the Blockchain sector is the recent report that the network has added a new bank to its ranks. This time around, Ripple has signed up South Korea’s Shinhan. Shinhan is reportedly the second biggest bank in South Korea. And Ripple has expanded its influence further by adding Shinhan to RippleNet.
Ripple Has Been Signing Up Some of the Biggest Banks to RippleNet
This latest report related to Ripple will come as good news for the XRP army as it celebrates the addition of each of the new banking partners that Ripple has signed up. Now Ripple proponents can rejoice about the Blockchain network partnering with Shinhan of South Korea.
XRP (XRP) Price Today – XRP / USD
The report came to light during the recent Sagar Sarbai presentation at Ripple. It clearly shows that Shinhan is one of several banks listed among Ripple’s current clients. It is important to note that with this move, two of South Korea’s largest banks are now listed as Ripple’s clients. They include:
- Shinhan (2nd largest)
- Wooribank (5th largest)
According to an earlier report by U.Today, Ripple has also recently teamed up with a several more big banks. The goal is for these institutions to use its Blockchain system to conduct fast and instant cross-border transactions. Among these partners of Ripple is NBF (the National Bank of Fujairah). NBF operates in the Middle East, in the UAE.
The other top partners of Ripple are Vitesse of the UK and Peru based Interbank. Both financial entities will be using Ripple’s xCurrent system.
Latest Strides by Ripple Hasn’t Improved XRP Utility
It appears the recent improvements and partnerships undertaken by Ripple hasn’t helped the fortunes of its native token, XRP. This is true because the majority of the network’s partners are currently using only Ripple’s ledger. There are only a few partners of Ripple that are using the XRP token for transnational payments. One of such partners who depends on XRP, is global payments processor, MoneyGram.
There have also been rumors among members of the XRP community that US-based exchange, Coinbase is one of Ripple’s ‘secret partners.’ It is believed that the deal in place is meant to help MoneyGram send XRP to Mexico quickly to receive XRP then get it exchanged for the peso, Mexico’s national currency.