A renowned bank in the Asian region, CIMB Group which is headquartered in Malaysia is the next banking institution to partner up with Ripple. It’s no surprise that CIMB will be using Ripple’s cross-border technologies to help its money transfer service.
CIMB Group is the fifth largest bank in the Southeast Asian Nations (ASEAN) and will be one of the first banks in the region to use Ripple’s modern technology which is a considerable boost to Ripple. CIMB is spread in 15 countries, with over 850 branches and more than 13.5 million customers. The bank will upgrade it’s current money transfer service called SpeedSend by enabling Ripple’s technology.
Ripple’s good news does not stop there! It was officially listed on Coinbase Custody, which allows institutional investors to invest largely in XRP, Ripple’s native currency securely.
The market is facing the worst scenarios as of now with most of the cryptocurrencies hitting their lowest this year. At the time of writing Bitcoin (BTC) is at $ 5,477.44, Ethereum (ETH) is at $174.27 while Ripple (XRP) is at $0.446636. All three major cryptocurrencies are seen facing a major slump.
What needs to be noticed is the market capitalisation of ETH and XRP which is second and third placed in ranking. ETH’s market capitalisation is at $17,987,721,733 while XRP’s market capitalisation is at $17,986,818,940. The figures show that XRP is not far behind Ethereum to take over and with partnerships going at full force even when the market is down, portrays Ripple’s confidence in their technology.
With an Asian market to showcase its technology and a listing in Coinbase Custody means a higher demand for XRP. The high population of Asia and institutional investors having more safety in getting in on the XRP action will result in an exciting few weeks ahead for XRP.
Image Source – Flickr
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.