GME Remittance, one of the leading companies in South Korea, has announced a partnership with SBI Ripple Asia, a subsidiary of distributed ledger company Ripple to make payments to Thailand faster.

Ripple’s Presence Continues to Spread in Asia

Chief Operating Officer Subash Chandra Poudel stated that by joining the RippleNet network, GME Remittance can quickly tap new remittance channels around the world:

“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”

Siam Commercial Bank, Thailand’s oldest bank and long-time partner of Ripple, contacted GME Remittance to receive transfers from South Korea.

Ripple has a strong presence in South Korea with partners such as Coinone Transfer, Sentbe and Hanpass.

XRP Crosses $40 Billion Market Cap After Partnership Announcement 

According to data from CoinMarketCap, XRP jumped to a market value of more than $40 billion when the price of the cryptocurrency peaked at $0.90 on August 11. XRP is up about 10% in the last 24 hours, making it one of the top digital currencies that do well in the top 10.

In the past 7 days, the price of XRP has increased by more than 25%. Cryptocurrencies now make up almost 2% of the total market value of digital currencies. Since the beginning of 2021, XRP has increased by about 300%.

Ripple has formed several partnerships in 2021 to increase the adoption of RippleNet and XRP. In the last week of July 2021, Ripple announced a partnership with SBI Remit in Japan and Coins.ph in the Philippines to launch RippleNet’s first real-time on-demand liquidity service (ODL) in Japan.

In a recent XRP market report, the San Francisco-based blockchain company reported that the demand for XRP increased in the first three months of 2021.