Ripple Expands Influence By Adding Shinhan, Second Top Korean Bank, to Its Customers

Libra Coin News
Thu, 09/26/2019 - 09:21
Yuri Molchan
Ripple keeps expanding its network by adding new banks; this time it has signed up Shinhan, the second biggest banking institution in South Korea, to RippleNet
Cover image via www.123rf.com
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Good news for the XRParmy that celebrate the appearance of each new Ripple banking partner. This time they can rejoice about Ripple partnering with Shinhan, the second-biggest bank in South Korea.

Korea’s fifth-largest bank, Woori Bank, is also with Ripple already.

Image by http://www.theasianbanker.com 

The report comes from a Sagar Sarbai presentation at Ripple that happened recently. It clearly shows Shinhan bank among Ripple’s current clients.

Ripple signs up more major banks to RippleNet

As reported by U.Today recently, Ripple has also teamed up with a few more big banks to use its blockchain system for instant cross-border payments. Among them is the National Bank of Fujairah (NBF) that operates in the Middle East.

The others are Interbank from Peru and Vitesse, based in the UK. These two are going to use Ripple’s xCurrent system that competes with SWIFT but does not use XRP.

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XRP usage among Ripple partners remains tiny

The majority of Ripple partners at the moment are using only Ripple’s ledger but only few are actually utilizing XRP for transnational payments. The global payments operator MoneyGram, backed by Ripple’s investments as of late, is one of them.

There have been rumors in the community that the US-based Coinbase exchange is a ‘secret partner’ of Ripple that helps MoneyGram quickly send XRP to Mexico to get XRP then changed for the Mexican peso.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.