Ripple Signs Jeonbuk Bank, But Will XRP Benefit?

Ripple has signed Jeonbuk Bank as Korea's first regional Ripple Payments client. While this is significant, it doesn't necessarily mean XRP will move higher.

The deal was announced on August 18, and Jeonbuk Bank will use Ripple Payments for cross-border remittances on behalf of its business customers, including import-export companies, IT startups, and online content creators. This service clears in seconds and runs around the clock, a significant improvement over traditional SWIFT payments which can take days.

Fiona Murray, Managing Director for Asia Pacific at Ripple, framed the deal as an opportunity for regional banks to play a vital role in the real economy. She stated that Jeonbuk Bank is extending near-real-time cross-border settlement directly to its customers.

However, neither party disclosed XRP as the settlement asset, and Ripple's release describes the service only as near-real-time settlement. This has left many wondering whether XRP will be used in Korea's payment flows at all.