In the aftermath of Ripple’s announcement that GME Remittance, South Korea’s largest non-bank remittance service provider, has joined RippleNet, the price of the XRP token surged to $1.
As of the time this report was written, it was trading on the FTX exchange for $1.03 and had a daily trading volume of $8.7 billion. There has been an 18.54% rally for XRP today. The market value of crypto’s sixth most valuable asset is now $48 billion.
RippleNet is a platform that gives users access to hundreds of financial institutions around the world through an API and makes money transfer faster, cheaper, and more reliable. It uses its On-Demand Liquidity (ODL) service to provide liquidity during cross-border transactions.
The announcement details how GME Remittance has partnered with the biggest bank in Thailand, Siam Commercial Bank (SCB), with this service. Subash Chandra Poudel, the company’s director and COO, was quoted as 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.”
By using ODL and XRP, Ripple was planning to tap into nearly $2 billion worth of yearly remittances between Japan and the Philippines, by tying together the Philippines’ mobile payments service Coins.ph and the remittance corridor built by SBI VC Trade, a cryptocurrency exchange.