On Thursday, Ripple (XRP) and major Asian bank CIMB announced a new partnership. Ripple (XRP) will help the bank make rapid cross-border payments in an effort to meet growing needs. This is another significant partnership among many for the company in Q4.
CIMB is the fifth largest bank in the Southeast Asian Nations (ASEAN). They operate in 15 countries and have over 13.5 million customers. Previously, they have been dissatisfied with the inefficiency of cross-border payments. Therefore, they’re enthusiastic about being on RippleNet. They will keep their legacy system, SpeedSend, in place, but will now back it with the speed of Ripple’s (XRP) protocol. Indeed, Ripple (XRP) remains one of the fastest platforms out there.
The success of this partnership could influence other Asian banks to follow suit
After all, the World Bank forecasts a steady growth of global remittances in 2018, reaching a record high of $642 billion by the end of this year. East Asia alone accounts for a whopping $135 billion of this total.
And bear in mind that CIMB’s services are not just limited to ASEAN. They regularly conduct business in other nations such as the US, UK, and Australia. This is where the speed of Ripple (XRP) can be extraordinarily beneficial.
Improved scaling of remittances
Experts have been calling for a better way to scale remittances. In a press release earlier this year, the World Bank quoted Dilip Ratha, head of the Migration and Development initiative:
“While remittances are growing, countries, institutions, and development agencies must continue to chip away at high costs of remitting so that families receive more of the money. Eliminating exclusivity contracts to improve market competition and introducing more efficient technology are high-priority issues”
While the report doesn’t specifically mention the blockchain, it’s undoubtedly the fastest and most affordable solution available. As Ripple (XRP) CEO Brad Garlinghouse stated:
“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience”
Ripple (XRP) has had an eventful year and fourth quarter
In other recent news, Coinbase recently added XRP support for their custody services. And not long ago, Ripple (XRP) released their much-anticipated payment platform xRapid. Ripple fans remains hopeful that Coinbase might someday add XRP to their exchange.
While there’s no guarantee of this, the recent custody support is a step in the right direction. Meanwhile, several platforms, such as Nexo and TransferGo, are exploring xRapid support.
Want the latest crypto news? Join our Telegram Channel
The post Ripple (XRP) Inks New Partnerships in Crypto Market Meltdown by Eric Van Orman appeared first on BittPress.