Ripple price shed 8% in what was shaping up to be a down day for all the leading cryptocurrencies based on market capitalization. It’s not as though investors had nothing to celebrate, with businesses in Japan and South Korea getting near to having the ability to perform cross-border payment transactions on the blockchain thanks to a partnership involving Ripple.
SBI Ripple Asia, which is the product of a joint venture between Ripple’s payment business and SBI, is developing a blockchain-based money transfer system to facilitate cross border payments between Japanese and South Korean banks. They’re planning on rolling out a test of the blockchain-based program by year-end, though Japanese banks keen on the idea have been participating in Ripple’s blockchain-based pilot payments program since last year.
Ripple counts among its members in the SBI Ripple Asia pilot program major banks, such as Sumitomo Mitsui, MUFG and and Mizuho, for instance.
The pair has enlisted Dayli Intelligence, a groundbreaking blockchain and artificial intelligence company dedicated to the financial sector, for the South Korean expansion. Dayli is attempting to develop South Korea’s maiden countrywide blockchain, which it calls Icon. Icon could potentially connect all of the country’s companies, health care facilities, government agencies, etc, removing the need for third-party entities in the process.
Takashi Okita, SBI Ripple Asia chief executive, is quoted in CryptoNinjas as saying:
“South Korea is one of the most active markets worldwide when it comes to blockchain innovation and trading of digital assets. With trade flows into and out of the country totaling USD 960 billion every year, we also see a high and growing demand for Ripple’s frictionless payments solution in the country.”
That’s exactly the design behind the Ripple and SBI partnership, to proliferate the use of the payments company’s products and services throughout Asia. Currently there are about five dozen Japanese banks using Ripple’s corporate blockchain technology for payment processing.
Ripple’s XRP started trading on South Korea’s maiden cryptocurrency exchange Bithumb exchange earlier this year.
For more information on how to buy and trade Ripple, see our complete guide here.