The price of XRP jumped 10 % when news of the partnership reached the market.
Ripple has announced a new partnership with GME Remittance, a South Korean remittance provider, as part of a deal that is expected to see the expansion and acceleration of cross-border payments and transfers from South Korea to Thailand.
The blockchain company is working on the project through SBI Ripple Asia, a subsidiary that emerged from the collaboration between Ripple and SBI Holdings, the statement said. The project will then use RippleNet, a distributed financial network for banks and other institutions.
By joining Ripple’s network, the South Korean company will have access to Thailand’s Siam Commercial Bank, which will significantly improve overall transaction processing for Thailand and the region.
Businesses that use RippleNet do not need to pre-fund destination accounts as they can take advantage of the On-Demand Liquidity (ODL) service, a product that Ripple has designed to help businesses make cross-border transactions easily and cheaply compared to using traditional channels.
ODL allows banks and financial institutions to obtain the required liquidity through XRP, the native cryptocurrency of the Ripple ecosystem.
According to Subash Chandra Poudel, Chief Operating officer of GME Remittance, this partnership allows them to quickly embark on new remittance corridors and benefit from the speed and transparency of transactions through RippleNet.
Commenting on the partnership, Emi Yoshikawa, Ripple’s vice president of corporate strategy, said that the remittance corridor has seen massive growth as more and more people turn to remittance to send money.
The positive news had an impact on XRP, with the price of the digital asset jumping more than 10% on Wednesday morning. According to data from CoinGecko, the price of XRP climbed to its highest level since June 15, touching intra-day highs of $ 0.90 on most major cryptocurrency exchanges.
The cryptocurrency’s market capitalization has grown to over $ 41 billion, only to see XRP’s dominance increase to 2.1% of the entire cryptocurrency market.