Created by SBI Ripple Asia, a consortium of 61 banks announced the beginning of testing of Ripple blockchain for cross-border payments.
The Japan Bank Consortium launched a Ripple pilot with two large Korean banks - the first time money moves from Japan to Korea over RippleNet. https://t.co/ZF1AMRe6JT
— Ripple (@Ripple) 15 декабря 2017 г.
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.
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
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:
- Bithumb 29.97%
- Poloniex 11.75%
- Bittrex 11.19%