Ripple Scores Major Wins in South Korea and the US, But XRP Traders Prepare for a Bigger Move

Ripple has scored two significant institutional wins in South Korea and the US, but XRP traders are bracing for a bigger move. The crypto payment company secured a deal with Jeonbuk Bank in South Korea to deploy Ripple Payments for cross-border business transfers, replacing SWIFT-based correspondent-bank transactions that can take days to reach recipients.

The bank will use Ripple Payments to provide near real-time, around-the-clock settlement for customers including import-export companies, technology startups, and online content creators. Ripple said the service can complete transfers in seconds to minutes, compared with cross-border correspondent-bank transactions that can take longer to reach recipients.

Ripple Prime, the company's institutional trading business, also closed an upsized $275 million private placement of senior unsecured notes to support its expanding US operations. The notes received a BBB investment-grade rating from KBRA and will be used for working capital and general corporate purposes within a regulated entity.