SBI Ripple Asia started cross-border payments testing

Ripple shows huge price jump on the background of this event 
15 December 2017   2221

Created by SBI Ripple Asia, a consortium of 61 banks announced the beginning of testing of Ripple blockchain for cross-border payments.

Two large South Korean financial institutions participate in the pilot project - Woori Bank and Shinhan Bank, with total market capitalization exceeding $ 30 billion. As reported on the company's website, cross-border payments between Japan and South Korea through a distributed RippleNet network are being implemented for the first time.

According to representatives of the consortium, Ripple technology can significantly reduce the costs of cross-border payments, eliminate intermediaries and make transactions instant.

In addition, the Japanese banking consortium created a working group that will study the possibilities of blockchain and XRP for institutional market participants. 

The Japan Bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor. The use of RippleNet to send cross-border payments reinforces that financial institutions are ready to provide a modern payments experience and enable to the Internet of Value.
 

Emi Yoshikawa
Director of partnerships, Ripple

South Korea is the third most important trading partner of Japan. In case of successful test results, the first real cross-border payments between these countries will be implemented in the spring of 2018.

It is also worth noting that, against the backdrop of positive news from Asia, Ripple's crypto currency is demonstrating staggering growth. Over the past seven days the price of XRP has increased by 200%.

 Top 5 cryptocurrencies
Top 5 cryptocurrencies

Ripple was able to push down Bitcoin Cash from the 3rd spot.
At the moment of press, these are main XRP market parameters:

  • Average price $0,784776
  • Market Cap $30 401 551 136
  • 24h Volume $6 202 070 000

XRP is most traded at:

  1. Bithumb 29.97%
  2. Poloniex 11.75%
  3. Bittrex 11.19%

Coincheck OTC to List ETH & XRP

OTC-platform from Coincheck aimed at large investors, started working about two weeks ago and minimum transaction threshold is 50 BTC
15 April 2019   306

Coincheck has added support for Ethereum (ETH) and Ripple's XRP token to the recently launched over-the-counter (OTC) platform. This is reported by Cointelegraph.

In addition to ETH and XRP, the Coincheck OTC platform supports Bitcoin. The management of the marketplace plans to add other cryptoactives in the future.

OTC platforms are focused mainly on large traders who want to reduce transaction costs when working with large amounts. In particular, transactions on such platforms are carried out outside the main book of exchange orders, which sometimes allows to avoid excessive price fluctuations. In addition, at such sites, investors often have the opportunity to buy or sell an asset at a better price.

OTC-platform from Coincheck started working about two weeks ago. The minimum transaction threshold is 50 BTC.

Last year, Coincheck fell victim to a massive hacker attack, during which over $ 500 million in XEM equivalent was stolen.

Then the exchange was bought by a large online broker Monex Group Inc. The deal amounted to $ 33.6 million.