XRP witnessed a major retail demand on Wednesday after RippleNet officially announced its partnership with South Korea based money transfer company, Global Money Express aka GME Remittance. As posted by the firms, the partnership is anticipated to bolster cross-border transactions across the region.
Reportedly, this partnership is established via SBI Ripple Asia, a joint venture of SBI Holdings and Ripple. GME Remittance will employ Ripple’s blockchain-based global payments network to connect with Siam Commercial Bank (SCB), which is Thailand’s largest bank in terms of market capitalization.
Partnership to Bolster RippleNet’s Transactions
Amidst the harsh ongoing SEC-XRP dispute, the RippleNet-GME Remittance partnership sparked the tiniest bit of hope in the hearts of the XRP community. This event has pushed the price of XRP token up 12% in the past 24 hours after the arrival of the news.
At the time of writing, XRP is trading at $0.92, with the 24 hour trading volume hovering above $5 billion. XRP price has surged by 77.39% since it dropped to a low of $0.514 as of July 20. The coin’s total market capitalization also jumped over $42 billion after RippleNet announced its partnership with GME Remittance.
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As posted by the company, South Korea is a residence for over 184,000 Thai nationals. After China and Vietnam, the Thai population stands third-largest in the nation. The commencement of this new corridor will also strengthen Ripple presence and adoption in Asian countries. Reportedly, the number of payments done through RippleNet over the South Korea-Thailand Corridor has already doubled from last year.
“We have ventured with RippleNet to introduce our company in new countries, with new partners within a week or two, ” said Subash Chandra Poudel, COO and Director at GME Remittance. “Since merging with RippleNet, our team has immensely benefited from its robustness, sending money across the borders has also become easier.”
Numerous financial establishments in South Korea are already using RippleNet. GME Remittance shall be the latest to join this group of companies. Furthermore, the partnership will benefit GME Remittance to associate with present customers of RippleNet. The ongoing court duel between Ripple and the SEC has not slowed the company’s growth efforts. It has continued to build its network in Asia even though relationships with its American partners have been soiled by virtue of the SEC huntdown.