South Korean bank to issue Ripple-based remittances


South Korea’s Woori Bank plans to issue international remittances which are based on Ripple, local media reported on Friday. After an initial trial in January, the bank will reportedly introduce Ripple’s technology to its worldwide remittances.

“Since the test results were good, there are many banks to be commercialized in Japan,” a Woori official told local media outlet ChosunBiz, adding: “The issue of overseas remittance fees is a matter for discussion, but it is much quicker and cheaper than existing remittances.”

In January, media reported that a $123 million worth Ripple payment left the Japanese cryptocurrency exchange Coincheck’s wallet. For a brief period of time, Ripple was the second largest cryptocurrency by market capitalization, before it fell to third place.


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