XRP News: Ripple & South Korea’s K-Bank Partner To Boost Blockchain Payments
Highlights
- South Korea-based K-Bank has collaborated with Ripple.
- The partnership aims to test blockchain remittances and wallets.
- Previously, Ripple also partnered Kyobo Life Insurance in April.
K-Bank, a digital bank in South Korea, has signed a deal with blockchain company Ripple to experiment with overseas money transfer. The partnership made XRP news headlines as the company’s blockchain payments structure continues gaining traction.
XRP News: Ripple Enters Partnership With K-Bank
To seal the partnership, K-Bank CEO Choi Woo-hyung and Ripple APAC CEO Fiona Murray signed the deal in Seoul. The project is a proof-of-concept (PoC) for international remittances. Ripple and K-Bank are looking to make transactions faster, cheaper and more transparent, which is a recurring theme in XRP news.
For further context, this project has several test phases. The first phase examined an alternate app-based remittance system. Moreover, this phase will look at stability and emulate connections to the bank’s systems and accounts.
The test involves an “on-chain” remittance system, per local publisher News1 Korea. This enables cross-bank transfers via the blockchain. Geographical areas include the United Arab Emirates (UAE) and Thailand. XRP news gains traction via these announcements as banks continue to experiment with applications.
The XRP community got a fresh wave of hype after this deal. Earlier, Ripple CTO Emeritus David Schwartz disrupted the community hype over a “secret plan” around XRP.
Wallet Trials & Compliance Initiatives
Moreover, K-Bank is also experimenting with wallets. Its self-built wallet is flexible. However, it comes at greater cost and time to comply. This includes anti-money laundering, sanctions screening and certifications.
Meanwhile, Ripple has another option with its SaaS wallet, Palisade. It includes built-in compliance features. These include hardware security modules and multi-layer authorization. This can accelerate uptake.
Further, K-Bank outlined future regulatory plans. It stated, “We plan to continue technical verification of various applications, such as overseas remittances, in preparation for future legislation regarding stablecoins.”
Earlier this month, in another XRP news, Ripple collaborated with Kyobo Life Insurance. The companies will execute South Korea’s first real-time tokenized government bond settlement with Ripple Custody,
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