Ripple can win another partner for itself. With GME Remittance, the largest non-bank transfer service provider in South Korea joins RippleNet. XRP responds positively.
Away from the trench warfare with the Securities and Exchange Commission (SEC) Ripple can book another success. With the Global Money Express Co. Ltd (GME Remittance), the San Francisco start-up was able to win another partner for its RippleNet. The crypto company shared that in one yesterday Press release with. GME Remittance is the largest non-bank transfer service provider in South Korea. Together with the Siam Commercial Bank – after all the largest bank in Thailand – they want to create a payment corridor between the two countries and thus facilitate and accelerate transactions. A total of 184,000 Thais should benefit from the partnership.
The cooperation was made possible by SBI Ripple Asia, a joint venture between the Japanese SBI Holding and the Californian FinTech. The reasons for joining RippleNet are explained by the director and COO of GME Remittance Subash Chandra Poudel:
We decided to partner with Ripple because with RippleNet we can expand into new countries with new partners within one to two weeks. This has dramatically reduced time to market and has given us an edge over our competitors. Since the start of our partnership, our team has benefited from the robustness of RippleNet. Transactions can be tracked at every step of the process. This makes it easier to send money quickly and transparently across borders.
Subash Chandra Poudel
Ripple’s price is back at $ 1
Since the Flash Crash in mid-May, XRP had also plummeted. It went from 1.83 US dollars to 1.70 US dollars, until the temporary low of the downward trend was reached at just under 0.51 US dollars. However, the upswing of the crypto market also took hold of the “bank coin” and has since helped it to find its way back into more positive realms.
The announcement of the partnership put the Ripple community in a bull mood. XRP has already broken through the US $ 1 mark several times today, and has even traded at US $ 1.09 in the meantime. With this, the crypto currency gained almost 12 percent overnight. At press time, XRP is trading at exactly $ 1.00.
In the past few months, Ripple has repeatedly surprised market observers with new collaborations. These mainly focused on the Asia-Pacific region. The Californian FinTech announced a new payment corridor between Japan and the Philippines at the end of July. And from a legal point of view, the ongoing legal dispute with the SEC does not look bad for the crypto start-up so far. Almost a week ago, the responsible New York court granted Ripple’s application, which requires documents from Binance Holding Limited. These include XRP transactions from CEO Brad Garlinghouse. He wants to provide evidence that these transactions took place outside the jurisdiction of the SEC.