Ripple has been making massive progress in Asia, with its ongoing legal case in the United States not standing in the way of its expansion in the continent.
GME Remittance Now Part Of The RippleNet Network
Blockchain firm Ripple announced yesterday that one of South Korea’s cross-border remittance companies, Global Money Express Co. Ltd (GME Remittance), has joined its RippleNet network. The move would make it easier for GME Remittance to carry out international transactions using Ripple’s technology.
According to Ripple’s blog post, GME Remittance has used RippleNet to connect to Siam Commercial Bank (SCB), the largest bank in Thailand in terms of market capitalization. The partnership was established via SBI Ripple Asia, a joint venture between SBI Holdings and Ripple, and it is expected to enhance and scale payments from South Korea into Thailand.
GME Remittance has become the latest South Korean financial institution to join the RippleNet network thanks to this latest development. Other leading South Korean financial institutions already using the technology include CROSS ENF and Sentbe.
The partnership is also an excellent one because the Thai population in South Korea is the third-largest in terms of foreign influence, behind China and Vietnam. By using the technology, GME Remittance wants to connect with existing RippleNet customers to expand into other remittance corridors across the region and globally, including Europe and the United States.
Ripple Continues To Expand In Asia
Emi Yoshikawa, VP of Corporate Strategy and Operations at Ripple, said the company is pleased to partner with one of the top payment service providers. She added that they are excited to deliver a superior customer experience to GME while accelerating their expansion into new markets using RippleNet.
The Asia Pacific region is one of the fastest-growing for Ripple, with transactions now up by 130% year-over-year and driven mainly by existing RippleNet customers and new connections. Ripple continues to grow in Asia despite its regulatory challenges with the United States Securities and Exchange Commission.
The XRP coin is up by 11% over the past 24 hours and is trading close to $0.90. Year-to-date, XRP has performed excellently, rising by over 400% following a crash caused by Ripple’s case with the US SEC.