XRP rose above $1 for the first time since June 15, 2021, and its market capitalization also jumped over $42 billion after Ripple announced its partnership with GME Remittance.
August 12, 2021, | AtoZ Markets – One of the largest non-bank money transfer providers in South Korea Global Money Express Co. Ltd (GME Remittance) has joined RippleNet. The Korean company has connected to Siam Commercial Bank, Thailand's leading bank, through Ripple's financial network, according to a statement.
Ripple's Asian adventure
Although the SEC lawsuit prevented Ripple from moving freely in the United States, the company continues its growth efforts in the Asian continent without slowing down. The partnership, established through SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, aims to accelerate and scale payments between countries.
South Korea has 184,000 Thai citizens, second only to the representatives of China and Vietnam in the country.
Ripple recalled that GME Remittance is not the first Korean company to join its network. CROSS ENF and Sentbe are already making money transfers between South Korea and Thailand via RippleNet.
Through the partnership, GME Remittance expects to connect with GME Remittance's existing customers to expand its remittance destinations in the region and around the world, including Europe and the United States.
“We started cooperation with Ripple, because with RippleNet we can enter new countries with new partners within 1-2 weeks. This has significantly shortened the time to market and gives us an edge over our competitors,” said GME Remittance Chief Operating Officer Subash Chandra Pudel.
Recall that in July, XRP quotes rose by 14% after Ripple announced the launch of the Japan-Philippines payment corridor based on the On-Demand Liquidity (ODL) solution in partnership with SBI Remit, SBI VC Trade, and the Philippine service Coins.ph.
XRP surges by %25
Amid the news of a new partnership, the market cap of XRP jumped above $40 billion according to CoinMarketCap. Also, the price of Ripple's XRP token rose by more than 25%, making it one of the best-performing digital currencies among the top 10. From levels in the region of $0.85, the asset at the moment has risen in price to $1.08 (Bitstamp).
It is also worthy of note that since the beginning of August, the total trading volume of the cryptocurrency market has been on the rise. In particular, a significant increase is observed in the transaction volume of Ethereum and the platforms connected to this network. In the last uptrend, there was a nearly two-fold increase in XRP trading volume as investors once again loaded into the crypto market. The transaction volume, which was at the level of $2.5 billion at the beginning of August, has now exceeded $5 billion.
The regulatory initiative launched by the United States for the crypto market was met with a strong reaction in the crypto community. However, the market continues its uptrend despite US regulations. Some crypto experts think that new investors are entering the cryptocurrency market, which has been brought to the mainstream media thanks to US regulations.
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