Ripple has expanded its network of partners with the addition of South Korean bank Shinhan, which is the second-largest bank in the country.
Through this partnership, Shinhan Bank is expected to be allowed to use the company’s services and transfer technology in the near future.
The addition was revealed at a Sagar Sarbhai presentation at Ripple which clearly displays Shinhan bank as one of Ripple’s current clients. Sagar Sarbhai is the Head of Government & Regulatory Affairs at Ripple in the Asia Pacific region.
From the Twitter user XRP Research Center, a social media account supporting XRP, pointed out that two of the largest banks in South Korea are a member of the RippleNET group.
The other Korean bank that is partnered with Ripple is Woori Bank, which holds the title of the fifth-largest in the country.
Sinhan Bank has also recently started supporting local crypto exchanges, including Korbit.
Other banks that have been included in the network are IndusInd Bank, Itaú, Santander, Credit Agricole, Interbank, Axis Bank, Al Rajhi Bank, National Bank of Fujairah, and many others.
While the number of Ripple partners keeps growing, more and more of them are using Ripple’s ledger. But very few of them actually use XRP for transferring funds. The xRapid technology is reportedly not being used as much by institutions due to lack of legal clarity, stated Ripple.
Peru-based Interbank and UK-based Vitesse are two banks which will reportedly be using the xCurrent system developed by Ripple to enable its transactions to work faster. But they will not be using the native XRP digital asset to facilitate these transfers.
Global payment service MoneyGram is one of the few partners of Ripple that are using XRP, allowing cross-border transactions to be executed in just a few minutes.
According to Ripple, the xRapid product has partnered with a number of exchanges in order to provide liquidity with three countries, the United States, Mexico, and the Philippines.
XRP is currently ranked the third-largest crypto by market cap, following Ethereum and Bitcoin.
Featured image: BitcoinExchangeGuide.com