Bank Asia has joined RippleNet blockchain-based financial services network, XRP price rising slightly by 4%
Bank Asia in Bangladesh has just added its name to the list of partners participating in Ripple’s Blockchain-based financial services network. However, Bank Asia and Ripple cooperated a month ago because the Bank Asia logo appeared in an official Ripple document in December 2019. In other happenings, XRP price recorded an increase of nearly 14% in the past week
Bank Asia Limitedが新たにRippleNetさ！
— カエサル・ナルシスト (@crypto_narcist) February 10, 2020
Bangladesh-based Bank Asia joined Ripple’s RippleNet
Bank Asia was established in 1999, has 2,256 employees, 128 branches, and 3,186 retail outlets. The bank’s total assets were worth nearly 289 billion Bangladeshi takas, equivalent to more than $ 3.4 billion as of December 31, 2017. Finally, the bank also claimed to have managed almost 52 million Bangladeshi takas (more than 609). millions of dollars).
On February 10, 2020, a Twitter user spotted the partnership after seeing the Bank Asia logo in an official Ripple document. However, this partnership must be more than a month old, as the document in question was published in December 2019.
Specifically, the Bank Asia logo was present on a page showing examples of RippleNet users, along with Santander, American Express, MoneyGram, Send Friend, Standard Chartered, SABB, and SBI Group. The bank’s head of foreign remittances, Khandaker Mujahidul Islam’s LinkedIn profile, shows that he’s been working on integrating the organization’s system with Ripple’s cross-border trading solution since March 2018.
In the description of the project, Islam states:
“To connect the Bank to the Ripple network, where the number of banks and MSB are connected. The result is a Blockchain-based network that facilitates real-time money transfer.”
XRP price recorded an increase of nearly 14% in the past week
Still, Ripple remained silent on the question of whether the bank intends to use XRP in any way. Ripple’s financial infrastructure is increasingly popular. As AZCoin News reported, the National Bank of Egypt has signed a cooperation agreement with Ripple to set up new channels for inward remittances.
Earlier this month, Ripple also formed a new partnership with money transfer company International Money Express to enhance cross-border payments between the United States and Mexico.
At press time, the price of XRP is still rising slightly by 4% during the day, fluctuating around $ 0.32.
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