Thailand’s Oldest Bank Using Ripple for Cross Border Transactions

It’s no secret that 2017 was the year when the crypto industry experienced gains. In fact, Bitcoin was able to reach near $20K level then only to lose around 80% of its value in the next year. Though the industry is making a comeback, adoption is still quite elusive.

Though there is a relative number of institutional investors that are now into cryptocurrencies and blockchain technology, the industry is still a long way to go before it becomes a staple in our daily lives. But of course, small steps at this point remain crucial especially in getting cryptocurrencies into the mainstream.

Ripple’s XRP has been known for its role in minimizing the cost of cross-border transactions. Ripple has been able to partner with different banks and companies including Santander and Western Union. And despite the lawsuits claiming that Ripple’s XRP is actually a security, XRP remains among top cryptocurrencies to date.

Now, Thailand’s oldest bank, Siam Commercial Bank (SCB) was reported this week experimenting on blockchain technology. According to the rumors, XRP is going to be used by SCM. However, there is still no confirmation regarding the rumor. The rumor started when an image from SCB online surfaced of what appears to be an app that addresses cross border transactions. The image says “Send money abroad today at the cheapest rate via Ripple”.

According to SCB, “We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement”.

However, it isn’t the first time that SCB has been using Ripple related technology. It was already using Ria Ripple transfer for banks located in Japan.

Is SCB Going to Use Commit to Ripple’s XRP?

Keep in mind that not all organizations that tried Ripple’s products are convinced of its benefits. In fact, Western Union tried to use Ripple last year only mention that it didn’t bring any significant savings on their part when it comes to transferring cross border transactions. However, Ripple countered that the sample wasn’t big enough to see a difference.

Crypto Experts Bullish on Ripple

Many are actually bullish on Ripple. Ripple now has built a partnership in different parts of the world including Southeast Asia as well as the Middle East. This could potentially increase the adoption of XRP.

There are regulatory changes today that has been used in order to improve the crypto landscape. Given the interest of institutional investors, it is possible that we are going to see the likes of XRP being used in daily transactions in the future.

The crypto market today is bullish for a number of reasons. In fact, Bitcoin has reached more than $8K recently. And also, there are those institutions that have changed their minds when it comes to crypto. You have the likes of JP Morgan that has now developed their own JP Morgan coin. Though it is far from a cryptocurrency, but rather a stablecoin that is backed by fiat, it operates on blockchain technology.

In addition to this, you also have Facebook’s plan to dabble with cryptocurrencies. These are some of the things that could hasten the adoption of cryptocurrencies.