The company Ripple this week received another major banking partner in Asia. The fifth largest Bank in the ASEAN region, CIMB Group has announced the addition of RippleNet to use products Ripple for cross-border transfers. At the same time, the token XRP was able to climb to second place in terms of market capitalization, ahead of Ethereum.
According to the announcement, CIMB is one of the first banks in Asia that have begun to use the technology of the blockchain. In the region, where remittances account for a significant part of banking operations, the need to increase efficiency and reduce the cost of translation has always been high.
From CIMB also has its own platform for remittances called SpeedSend, so their partnership with Ripple is more focused on improving the platform, further enhancing the speed and lowering the cost of cross-border payments.
– CIMB is already represented in 15 countries, has about 800 branches, and in addition offers SpeedSend is one of the best solutions in the ASEAN region. Now, using the technology of the blockchain from Ripple, they give their customers the ability to more effectively transfer money to the family, friends and loved ones, says Ripple CEO brad Garlinghouse.
According to the world Bank, this year’s total money transfers in the region will grow to $ 120 billion. In addition, today the amount of global cross-border payments amounts to 27 trillion U.S. dollars in the next decade, by some estimates will increase by $ 20 trillion. While 40% of the total payments accounted for by the ASEAN region.
– We are pleased to join RippleNet and look forward to working with Ripple, using the power and possibilities of each other. A new solution in the face of the blockchain already makes a revolution in the field of international remittances is testimony to the continuous efforts CIMB to expand the list of its banking proposals, – said General Director of CIMB Group Tengku Dato ‘Sri Zafrul Aziz.
It’s also interesting that XRP holds the second place in terms of market capitalization, ahead of Ethereum. Ripple recently claims that the company and the token is not connected, but despite this, what happens to one, affects the other, as if the company is not trying to deny it. In addition, the company still has a very large amount of the total number of XRP. After a new historic low of 0.25 per token XRP able to overtake Ethereum, taking second place in the ranking by market capitalization.
It’s happened before, and then Ethereum quickly recovered and took the second place. This time, however, this recovery did not happen, and XRP, at the time of this writing, continues to be higher than Ethereum. Also at the time of writing dynamics course XRP was +1,34 per day, whereas Ethereum it was +0,01. As a result, market capitalization of XRP has increased to 18.98 billion dollars, whereas in Ethereum it is of 18.36 billion, increasing the gap compared to yesterday when it was only 200 thousand dollars.
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