The price of the XRP token rose to touch the $0.90 area shortly after Ripple announced that GME Remittance, one of the largest non-bank remittance service providers in South Korea, had joined RippleNet.
RippleNet, according to the Ripple website, provides “connections to hundreds of financial institutions around the world via a single API and makes money transfers faster, cheaper and more reliable,” and leverages the XRP token to generate liquidity during cross-border transactions through its On Demand Liquidity (ODL) service.
Using the service, GME Remittance has been linked to Thailand’s largest bank by market capitalization, Siam Commercial Bank (SCB), details the announcement. Company Director and COO, Subash Chandra Poodle, was quoted as saying:
We chose Ripple as our partner because RippleNet allows us to launch in new countries with new partners in as little as 1-2 weeks. This has greatly reduced our time to market and given us an edge over our competitors.
Late last month, Ripple was set to tap into the roughly $2 billion per year remittance market between Japan and the Philippines using ODL and the XRP token, linking Japanese money transfer provider SBI Remit to Philippine mobile payments firm Coins.ph and cryptocurrency exchange SBI VC. Trade to open a remittance corridor that uses on-demand liquidity between the two countries.
As reported by CryptoGlobe, the average daily volume of the XRP token rose in the second quarter of the year, despite an ongoing legal dispute between its largest player Ripple and the US Securities and Exchange Commission (SEC).
According to the XRP Market Report published by Ripple earlier this month, the cryptocurrency’s daily trading volume doubled to an average of $4.49 billion per day, up from the $2.26 billion recorded during the first three months of the year.
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