[2017-12-13]Ripple Gains 90% as Asian Banking Giants Test Virtual Fund Transfers

Ripple’s XRP surges to an all-time high as Japanese and South Korean Banks begin testing blockchain-based virtual fund transfers on Friday. Last week, XRP remained stable against the dollar. As of press time, the currency is at an all-time high of $0.51 — up by 90%. Driving the surge may be rising demand for cross-border transactions in Asia. Japanese and Korean banks want to be at the forefront. Asian banking giants have partnered with Ripple to facilitate international funds transfers while also cutting costs by up to 30%.

SBI Ripple Asia, a joint-venture company established by Japanese financial giant SBI Holdings and San Francisco FinTech startup Ripple will test Ripple’s enterprise blockchain solutions for cross-border payments. Seoul-based blockchain solutions provider DAYLI Intelligence, leads the South Korean team.

Their primary focus is in streamlining transactions between Japan and Korea, but also to the wider region. The tests will involve many of Japan’s largest financial institutions including Sumitomo Mitsui Banking Corp. and Resona Bank as well as two major South Korean banks.

More: https://dowbit.com/asian-banking-tests-ripple-blockchain-fund-transfers/

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