Korean Banks Partner with Ripple, but XRP Usage Unclear

Four major Korean banks participated in the XRP Seoul event, sparking speculation about their use of the XRP token. The banks in attendance included Woori Bank, Kbank, and Kyobo Securities, with either Jeonbuk Bank or Kakao Bank marking the fourth participant. The event also saw the introduction of XRP Asia, a regional initiative to promote the XRP Ledger, the public blockchain that underpins the XRP token.

Ripple provides payment software that facilitates transactions between banks, but working with Ripple and using XRP are two separate deals. A bank may choose to work with Ripple without ever engaging with XRP itself. The alternative setup involves converting one currency into XRP, moving through the XRP Ledger, and converting it into the destination currency.

The four Korean banks participating in the event have established working relationships with Ripple, but the details shared during the event do not explicitly mention XRP as the asset used for transactions. Ripple President Monica Long called this moment the start of the “next big institutional growth phase” for the XRP Ledger.