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This week, the block block company in San Francisco, Ripple, has secured another major banking partner in Asia. The fifth bank of ASEAN, the CIMB Group, has announced that it will join RippleNet to use the company's cross-border transfer products. His XRP token meanwhile held second place on Ethereum.
RippleNet expands Reach
The move will allow the bank to increase its global payments network by joining those already present in the Ripple network. According to the announcement, CIMB is one of the first banks in Asia to exploit blockchain technology. In a region where micro-payments and remittances drive most banking transactions, the need for greater efficiency and lower costs has never been greater.
According to the World Bank, remittances in the region will grow to $ 120 billion this year. The Boston Consulting Group added that the global cross-border payment volume is estimated at 27 trillion dollars, with an additional 20 trillion dollars that should be added in the next decade. The ASEAN region is responsible for almost 40% of this entire volume.
CIMB already has its own calling platform called SpeedSend, so the partnership with Ripple is designed to improve it and further improve the speed and cost of cross-border payments. The CEO of the CIMB Group, Tengku Dato, said Sri Zafrul Aziz;
"We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple using the strengths and abilities of others.This innovative blockchain solution will revolutionize cross-border international remittances and is a testament to CIMB's ongoing efforts to improve his digital banking proposal … "
Ripple's boss, Brad Garlinghouse, commented: "The CIMB network already covers 15 countries, almost 800 branches and offers Speedsend, one of the best solutions in the ASEAN region, and now integrating Ripple's blockchain technology will allow to their customers to send vital funds to family, friends and loved ones more efficiently ".
XRP holds the second spot, accelerates from Ethereum
Ripple always claims that the company and the token are not connected, but what happens to one will obviously have an effect on the performance of the other, so this feeling can be refuted. Furthermore, the company still holds a very large slice of the XRP cake. In the aftermath of the biggest crash in the cryptography market, XRP has emerged above Ethereum, taking second place in the market rankings.
When this has happened before, Ethereum quickly recovers and resumes its place. This time, however, recovery did not occur and XRP achieved better earnings by keeping it above ETH. At the time of writing XRP increased by almost 5% on the day, while Ethereum earned only slightly more than 1%. As a result, the market capitalization of XRP increased to $ 19.3 billion while that of Ethereum is now $ 18.6, increasing the gap from yesterday to only $ 200k.
If there is no further impetus for Ethereum, it may have to settle for being the third largest cryptocurrency in the world while the XRP moves ahead of time.
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