XRP Price Surges 10% After Announcement of New Partnership
Ripple has announced a new partnership with GME Remittance, a South Korean remittance provider. The collaboration is designed to expand and accelerate cross-border payments and remittances from South Korea to Thailand.
The project will be carried out through SBI Ripple Asia, a joint venture between Ripple and SBI Holdings, and will leverage RippleNet, a distributed financial network for banks and other financial institutions.
By joining RippleNet, GME Remittance will gain access to Siam Commercial Bank in Thailand, which is expected to significantly improve transaction processing for flows into Thailand and the surrounding region.
Companies using RippleNet can avoid pre-funding destination accounts by using Ripple’s On-Demand Liquidity (ODL) service. ODL provides liquidity through XRP, Ripple’s native cryptocurrency, enabling faster and lower-cost cross-border transactions compared with many legacy payment channels.
GME Remittance’s COO, Subash Chandra Poudel, said the partnership will allow the company to open new remittance corridors quickly while benefiting from the speed and transparency offered by RippleNet.
Emi Yoshikawa, Ripple’s Vice President of Corporate Strategy, commented that remittance corridors have seen substantial growth as more people rely on remittances to send money internationally.
The announcement had an immediate market impact: XRP’s price rose more than 10% on Wednesday morning. According to CoinGecko data, XRP reached intraday highs near $0.90 on most major cryptocurrency exchanges, marking its highest level since June 15.
The cryptocurrency’s market capitalization climbed above $41 billion, raising XRP’s share of the total crypto market to approximately 2.1%.