XRP Surges 44% as Korean Bank Taps Ripple for Cross-Border Payments

XRP has surged by as much as 44% over the past week, outperforming both Bitcoin and Ethereum. The price increase comes after news broke that Jeonbuk Bank, a regional bank in South Korea, had chosen Ripple's Payments system for cross-border business remittances.

In a press release, Ripple stated that Jeonbuk Bank is the first regional bank in South Korea to use its Payments system. The deal aims to reduce settlement times from days to seconds or minutes for business customers, making it an attractive option for companies with international transactions.

Ripple's Asia Pacific managing director Fiona Murray said that the partnership shows Korean financial institutions are increasingly looking for infrastructure to support their digital asset plans. Jeonbuk Bank president Park Choon-won added that the deal should help push the bank beyond its regional roots and towards becoming a digital finance player.