Ripple continues to expand its network by adding new banks. This time it has added Shinhan to RippleNet. Shinhan is the second-largest South Korean bank.
2 of the largest Korean banks use Ripple
The addition is good news for the XRParmy. The community celebrates the addition of every new bank partner. This time they can celebrate the addition of the new partner Shinhan. The fifth-largest bank in Korea, called ‘Woori Bank’, is already a Ripple customer.
The news about the addition of the Shinhan bank comes directly from a powerpoint presentation. This shows that the Shinhan bank is now also a customer of Ripple. The addition of the Korean bank means that 2 of the largest banks in the country are customers of Ripple.
Ripple adds more large banks to RippleNet
Ripple works together with many large banks to use the blockchain system for fast foreign payments. An example of this is the National Bank of Fujairah (NBF) from the Middle East.
Other recent additions to the RippleNet are the Interbank from Peru and Vitesse from the United Kingdom. Both customers will use Ripple’s xCurrent system.
XRP use among Ripple partners remains small
Most partners only use Ripple’s ledger. Very few customers use the XRP token for transnational payments. The global money transaction company ‘MoneyGram’ does use XRP tokens to process payments.