South Korea’s K-Bank signed a strategic partnership with Ripple to test blockchain-based cross-border remittances as XRP (CRYPTO: XRP) fails to break $1.45 for the fourth time in two months.
The K-Bank Partnership
K-Bank CEO Choi Woo-hyung and Ripple Asia Pacific Head Fiona Murray recently signed the deal at K-Bank’s headquarters in Seoul.
The partnership will test on-chain cross-border remittances to countries including the United Arab Emirates and Thailand using Ripple’s Palisade wallet.
The two companies are now in phase two of testing, which evaluates how blockchain-based transfers can improve speed, cost, and transparency compared to traditional banking rails.
Traditional international bank transfers route through correspondent banking networks like SWIFT, which can take days to settle and charge fees at each intermediary along the way.
By contrast, on-chain remittances move funds directly across a blockchain …