Ripple is teaming up with a cryptocurrency exchange in Thailand.
The CEO of Bitkub, Topp Jirayut, says the exchange is now Ripple’s official partner in the country and will help power cross-border XRP transactions.
Ripple’s On-Demand Liquidity relies on crypto exchanges to accept fiat from financial institutions and transfer the equivalent value in XRP to a corresponding exchange, where it is then swapped back to fiat. In a new interview with The Energy Bit, Jirayut says the payments solution could help to dramatically lower the cost of remittances.
“Ripple is one of the key players for banks to realize significant benefits. Ripple is to establish an institutional, cross-border payment with XRP, an open source for access and participation in the public sector of XRP cash flow – a stand-alone digital currency used to facilitate transactions on the Ripple network.
Bitkub, Ripple’s official exchange partner in Thailand, is joining the RippleNet program. We are on a mission of humanizing blockchain experience, where people will inherently utilize cryptocurrency as a transaction protocol on the back end in order to receive, as well as transfer money, at a fraction of the cost across the globe. Within early next year, global money remittance at a much cheaper rate would be feasible.”
Ripple is also partnered with Thailand’s Siam Commercial Bank. The bank is using Ripple’s payment messaging system and has not announced plans to utilize XRP.
In addition to Bitkub, Ripple has partnered with several other exchanges, including US-based Bittrex, Mexico-based Bitso, Singapore-based Bitrue, Philippines-based Coins.ph and Luxembourg-based Bitstamp.
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