The price of the XRP token has surged to touch the $0.90 area shortly after Ripple announced that GME Remittance, one of the largest non-bank remittance service providers in South Korea, joined RippleNet.
RippleNet, according to Ripple’s website, offers “connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper, and more reliable,” and leverages the XRP token to source liquidity during cross-border transactions through its On-Demand Liquidity (ODL) service.
Using the service, GME Remittance has connected to Thailand’s largest bank in terms of market capital, Siam Commercial Bank (SCB), the announcement details. The firm’s director and COO, Subash Chandra Poudel, was quoted saying:
We chose Ripple as our partner because RippleNet allows us to launch into new countries with new partners in as little as 1-2 weeks. This has significantly reduced our time to market and gives us an advantage over our competitors.
Late last month, Ripple was set to tap into the nearly $2 billion a year remittance market between Japan and the Philippines through the use of ODL and the XRP token, connecting Japan’s money transfer provider SBI Remit with Philippines mobile payments firm Coins.ph and cryptocurrency exchange SBI VC Trade to open up a remittance corridor that uses on-demand liquidity between both countries.
As CryptoGlobe reported, the average daily trading volume of the XRP token has surged in the second quarter of the year, despite the ongoing legal dispute involving its largest player Ripple and the U.S. Securities and Exchange Commission (SEC).
According to an XRP market report published by Ripple earlier this month, the daily trading volume of the cryptocurrency doubled to $4.49 billion per day on average, up from $2.26 billion recorded during the first three months of the year.
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