By Solomon OdunayoRipple, the cross-border payment company based in the United States has sealed many partnerships in the course to serve as a major solution to cross-border payment challenges in collaboration with banks and financial institutions across the world.
Herald Sheets recently leaned that Ripple has sealed another partnership with a notable Thailand exchange, Bitkub to create an avenue for better XRP transactions across borders.
Benefits of the Partnership to Ripple and Bitkub
In an interview, Topp Jirayut, the CEO of Bitkub confirmed the collaboration between Ripple and the exchange.
Obviously, Ripple’s On-demand Liquidity majorly requires the cryptocurrency exchanges to accept fiat currencies from the banks and financial institutions.
The same amount received by such financial institutions will be sent to a corresponding exchange in XRP. From there, the funds in XRP will be exchanged back to fiat currency.
The Bitkub CEO believes that Ripple’s payment solution would serve as a needed and calculated aid to drastically reduce the cost of cross-border payments.
He said “Ripple is one of the key players for banks to realize significant benefits. Ripple is to establish an institutional, cross-border payment with XRP, an open source for access and participation in the public sector of XRP cash flow – a stand-alone digital currency used to facilitate transactions on the Ripple network.” He also hinted that the exchange Bitkub will join the RippleNet program.
While reiterating the goal of the exchange, he said, “We are on a mission of humanizing blockchain experience, where people will inherently utilize cryptocurrency as a transaction protocol on the back end in order to receive, as well as transfer money, at a fraction of the cost across the globe. Within early next year, global money remittance at a much cheaper rate would be feasible.”
As earlier mentioned, Ripple has sealed lots of notable partnerships, such as the partnership with the money transfer giant, MoneyGram and Thailand-based Siam Commercial Bank (SCB) and other notable ones. However, not all these banks and financial institutions in partnership with Ripple promised the use of the digital token XRP.
Aside from the recent collaboration with Bitkub of Thailand, the blockchain tech Ripple has functional partnerships with other exchanges such as Bitrue, Bitso, Bitstamp, and Bittrex.
Ripple XRP in the Market
Ripple’s digital token XRP is one of the coins that are enjoying favorable market conditions at the moment, unlike Bitcoin Cash, Bitcoin SV (BSV) and Ethereum Classic (ETC) that are facing the negative side of the market in terms of price.
At the time of writing, XRP is trading at $0.245354, with a 3.25% price increase in the last 24 hours.