Ripple Signs Regional Korean Bank, But No Boost for XRP

Ripple has signed an agreement with Jeonbuk Bank in Seoul to deploy Ripple Payments, making it the first regional lender in Korea to use the service.

The deal allows business customers of Jeonbuk to send cross-border remittances in near real-time, a significant improvement over the traditional SWIFT network which can take days.

Ripple's Managing Director for Asia Pacific, Fiona Murray, said regional banks play a vital role in the economy and that Jeonbuk is extending this service directly to its customers.

The deal may seem promising for XRP, but so far it has not had a significant impact on the token's price. The settlement asset was not disclosed, and Ripple Payments can run on multiple assets including RLUSD and fiat-stablecoin arrangements.