Despite significant price drops in XRP, Ripple aims to solidify its leading position in the blockchain ecosystem.
At this point, Ripple is expanding its corporate digital asset services by forging new partnerships to continue its global growth.
Accordingly, KBank, one of South Korea’s largest banks, has partnered with Ripple to test on-chain money transfers.
The bank announced today at its headquarters in Seoul that it has formed a strategic partnership with Ripple.
According to the statements, the two companies will collaborate on a proof-of-concept study to evaluate potential improvements in the speed, cost, and transparency of cross-border money transfers.
The primary goal of the collaboration is to verify the effectiveness of a blockchain-based money transfer system.
With this partnership, Kbank plans to leverage Ripple’s global payment network and infrastructure to evaluate potential improvements in transaction speed, cost structure, and transaction transparency.
KBank CEO Choi Woo-hyung said, “This collaboration with Ripple will be an opportunity for K-Bank to enhance its competitiveness in blockchain-based international money transfer technology.”
Fiona Murray, Ripple’s General Manager for Asia-Pacific, said, “This collaboration will be an opportunity for KBank to enhance its competitiveness in blockchain-based international money transfer technology.”
*This is not investment advice.
