The Siam Commercial Bank (SCB), which is Thailand’s largest commercial bank has recently confirmed that it will integrate Ripple’s blockchain.
Reportedly, the Siam Commercial Bank (SCB) made this known via its official Twitter handle.
SCB Didn’t Confirm XRP Adoption
However, the Thai bank did not reveal whether it will be making use of the XRP token. According to the bank, the community will have to wait to find that out if it will use the XRP token.
We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.
— SCB Thailand (@scb_thailand) May 22, 2019
Importantly, the Siam Commercial Bank (SCB) is not just the largest bank in the country, it is also the oldest bank.
Reportedly, the Thai bank has at one point carried out a cross-border payments trial while utilizing Ripple’s technology.
The bank used Ripple’s blockchain to complete a transaction which normally takes an average of two days in a minute.
Hopefully, the bank will opt-in to use the XRP token as it will help increase the token’s trading volume. Therefore, increasing its value for its various holders.
Not the First Bank
This is not Ripple’s first go at being integrated by a bank.
Recently, Federal Bank, a leading private sector bank in India, confirmed a partnership with the ripple.
According to the bank, it will implement Ripple’s technology to improve its cross-border payment services.
Then, the Federal Bank CEO — Shyam Srinivasan said:
“Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.”
Ripple is Gaining Traction, Set to Beat SWIFT
Ripple is already gaining traction relative to the traditional cross-border payments system— SWIFT.
Currently, the RippleNet network has more than 200 partners, which includes Japan’s SBI Group.
The San Francisco based firm’s network token— XRP has also enjoyed major adoption across centralized platforms. Recently, the coin was integrated into an e-commerce solution platform WooCommerce. Another notable integration is that of Gmail, Microsoft Outlook.
At one point, Skype an internet-based phone calling service was at on time looking to add XRP as one of its payment methods.
So far this year, ripple has outdone most crypto projects when it comes to adoption and integration.
Joshua Tayo is a Nigerian Freelance writer, who loves to write about anything related to technology. His interest in Cryptocurrency started in 2015, and it has not stopped since.