South Korean Bank Plans ‘Commercial’ Ripple Remittances By 2019

[Dheeraj Kumar Singh]

South Korean bank Woori Bank intends to introduce “commercialized” international remittances this year based on Ripple, a cryptocurrency-powered remittance network, local news outlet ChosunBiz reports Friday, Mar. 2.

On the back of a positive test transaction by its Digital Strategy Department following initial tests in January, the bank is now looking to introduce Ripple’s technology to its worldwide remittances.

The trial came about as part of a Japanese-based scheme involving Ripple and SBI Group, with 37 other institutions participating in the remittance test.

Of these, along with at least 23 more involved in testing Blockchain remittances, the vast majority are Japanese banks, given the “well laid out” nature of Ripple’s network in Japan.

South Korea’s second-largest bank Shinhan was also on board.

“Since the test results were good, there are many banks to be commercialized in Japan," a Woori official commented to ChosunBiz.

[Ceballos]

Ripple doing his business very seriously. This will help to all crypto coins not only ripple.
Good news started to come so bitcoin price is still rising.

[Bodywowoya]

Such news fosters interest in ripple, but everyone understands that this coin is an exception to the whole market and it is unclear what development it will have in the future. But clearly one coin is good only for banks and the banking sector and not for ordinary investors.

[diva.man]

XRP design concept is supported by many Banks, XRP is based on the existing monetary system, solve the digital currency and fiat money, fiat money and fiat money, and so on between the circulation problem.

In the future, there will be more bank application of Ripple distributed ledger technology (DLT)!