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Ripple (XRP) is one of the fastest growing and most reliable blockchain companies and digital assets in today's world. The digital asset, XRP, was not created solely for retail purposes, but to help global remittances and cross-border payments.
In an attempt to change global remittance and cross-border payments, Ripple's CEO, Brad Garlinghouse, was recently captured with the head of a leading bank in Malaysia, known as CIMB. Interestingly, the partnership was revealed through a post on Instagram by CIMB CEO, Zafrul Aziz. The Instagram photo with captions by Garlinghouse and Aziz:
"ZafrulAziz reached @bradxrp from Ripple this afternoon at #SGFinTechFest. The strategic use of Ripple's blockchain technology has enabled #CIMB to offer immediate cross-border remittances for our customers. Now, our SpeedSend really is at the height of its name! Being the first regional bank of ASEAN to collaborate with Ripple adds another major milestone in our digital journey! #futureofbanking #valueproposition #forward #CIMB #teamcimb. "
It is essential to know that the news was subsequently confirmed through a Reddit post and a tweet from a member of the Ripple community who he wrote,
"@CIMBMalaysia is ASEAN's first regional bank to work with @Ripple to offer instant cross-border remittances via SpeedSend, thank you, Alan, for the information."
CIMB Group is one of the leading financial institutions in Malaysia. The Group grew together with ASEAN – from a commercial bank to a power plant in the regional banking system today. The CIMB group has a total assets of RM511.2 billion. The Group also stated that its total shareholders' funds amounted to approximately $ 46.9 billion, with a total strength of approximately 37,000 employees.
It is also essential to know that remittance payments between Malaysia and other countries, including Thailand and Indonesia, are expensive. CIMB's SpeedSend has been able to reduce the cost of these transactions, but with Ripple's technology, SpeedSend will not only continue to be at the height of its name, but will be faster and more efficient than before.
Not only that, SpeedSend will drastically reduce transaction costs to a minimum level, with the help of Ripple blockchain.
Most crypto-enthusiasts have recognized Ripple's technology for cross-border payments. Now imagine this: Ethereum (ETH) deletes transactions in 12 minutes (50 confirmations), with 53 cents as tax; Litecoin (LTC) cancels the transactions in 2 minutes (1 confirmation), with 12 cents as a commission; The XRP is reset to less than 1 minute in the worst case (1 confirmation), with a rate of 0.7 cents.
Looking at relationships, Ripple (XRP) not only reduces costs but imposes speed every time transactions are made.
Ripple's XRP would most likely become the number one digital asset to be used in the ASEAN region. Subsequently, Brad Garlinghouse recently said that the clear regulatory framework for digital resources in the ASEAN region would have made cryptocurrency flourish. He also said that several countries have contributed to this, including Thailand, the Philippines and Singapore.
The ASEAN region has achieved over $ 130 billion in inbound remittance payments in 2017 and its market is considered one of the fastest in the world today. Now, Ripple may be able to tap into the ASEAN market and introduce its technology to promote remittance payments.
In conclusion, CIMB's decision to collaborate with Ripple is a big leap forward not only for its banking system but also for its customers, as they can now experience a better network with the latest technologies (and of course lower fares).
Despite this latest result, the price of Ripple's native cryptocurrency has collapsed badly alongside the entire market. Bitcoin is down more than 12% as we write and this is exactly the case with XRP (down 12.26% in the last 24 hours). Interestingly, XRP is about to steal number 2 from Ethereum again as ETH is experiencing worse price worsening at the moment.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Flickr
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