Ripple collaborated GME to speed up remittances, XRP price reached a high of $0.9
XRP market cap passed the $40 billion mark after XRP price hit a high of $0.9 for the first time since June 15, 2021. The reason is probably that Ripple and GME Remittance have collaborated to speed up Remittances between South Korea and Thailand.
We’re excited to partner with GME Remittance to accelerate and scale payments from South Korea into Thailand, building on the RippleNet momentum in APAC where transactions are growing 130% year-over-year. https://t.co/aDeceLNIZY
— Ripple (@Ripple) August 11, 2021
XRP price reached a high of $0.9 following GME’s RippleNet announcement
The world’s sixth-largest cryptocurrency, saw massive retail demand after Global Money Express (GME Remittance) announced that it had joined RippleNet, the global financial network of blockchain firm Ripple.
GME Remittance is now linked to Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capitalization, and it will be able to swiftly open new remittance corridors across the globe, according to COO Subash Chandra Poudel:
“We chose Ripple as our partner because, with RippleNet, we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors.”
The blockchain company stated that the latest collaboration with GME would expand RippleNet adoption in Asia. In 2021, Ripple has developed several partnerships to increase the adoption of RippleNet and XRP, although the lawsuit with the SEC is still lingering.
XRP/USD 4-hour chart | Source: TradingView
XRP spiked above the $0.9 level a short, demonstrating more than 10% growth in the last 24-hour. However, the coin was unable to fix there and went back down, trading at $0.89 at press time.
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