Major Asian banks may use Ripple XRP cryptocurrency for international transfers. Japanese and South Korean banks this Friday will begin testing the payment system, which will be based on the blockchain of the California startup Ripple. In this way, they expect to reduce the processing time of international transactions and reduce costs by 30%. The Nikkei Asian Review writes about it.

Major Asian banks can use Ripple XRP cryptocurrency for international transfers

Japanese and South Korean banks this Friday will begin testing a payment system based on the blockchain of the California startup Ripple.. In this way, they expect to reduce the processing time of international transactions and reduce costs by 30%. About writes this Nikkei Asian Review.

The group is formed under the leadership of a joint venture between Ripple and Japanese conglomerate SBI Holdings SBI Ripple Asia. It includes 61 banks located in Japan. On the Korean side, the trials are led by DAYLI Intelligence, a Seoul blockchain solutions provider. In testing will take part a large number of financial structures, including Japanese Sumitomo Mitsui Banking Corp. and Resona Bank, as well as 2 large banks from South Korea.

If the test results satisfy the participants, the first transfer between Japan and South Korea can be made in the spring of 2018. In the future, banks may switch to their own cryptocurrency Ripple XRP to make transfers, which, according to various estimates, will reduce the cost of operating the system by 60%.

Over the past day, the Ripple XRP rate has grown by 72% and peaked above the $ 0.50 level.



Photo: TierneyMJ

Similar articles

• MoneyGram CEO: We use XRP for transfers, but we don't hold cryptocurrency MoneyGram's CEO Alex Holmes talked to CNN this Tuesday about cooperation with Ripple and praised the XRP-based solutions provided by the fintech startup, while admitting that neither he himself, neither MoneyGram holds cryptocurrency.

  MoneyGram CEO: We we use XRP for transfers, but we don't keep the CEO's cryptocurrency payment company MoneyGram Alex Holmes in that tuesday talked from CNN to...

• Central Banks of Saudi Arabia and the UAE highly appreciate the possibilities for using blockchain in CBDC The central banks of the UAE and Saudi Arabia have reported the results of a year's tests in the field of national digital currencies (CBDC). The Aber project was announced in January 2019 and consisted of a concept design aimed at expanding knowledge of CBDC and distributed ledger technology.

  Central Bank Saudi Arabia and the UAE appreciated the opportunities for blockchain applications at CBDC Central banks UAE and Saudi Arabia reported the results...

• Tether may issue a stablecoin pegged to the Chinese yuan The stablecoin issuer Tether intends to release a new instrument, the rate of which will be pegged to the Chinese yuan. This was announced by the founding partner of the Primitive fund Davi Wang with reference to the statement of the investor of the Tether-affiliated cryptocurrency exchange Bitfinex Zhao Dong.

  Tether may issue a stablecoin, tied to chinese yuan Issuer stablecoins Tether intends release a new instrument, which course will be...