Cryptocurrency

Thailand’s Largest Commercial Bank Denies Using XRP

Last week, there was widespread news that Thailand largest commercial bank is planning to use XRP, however, the bank has denied the information.

Earlier, the Siam Commercial Bank (SCB), mistakenly said it is going to start using the digital currency soon, as seen in a tweet by the bank where it says “XRP system will be announced soon”.

Siam Commercial Bank did not mention the time to start the usage but promised to communicate its customers the moment it begins using the digital currency.

Today, however, the bank communicated its customers on Twitter claiming the first message was a mistake. It states that there is no plan to begin the use of the Ripple’s XRP for now.

SCB says: “We are so sorry for the previous information of the previous post. As of now we have no plan on using XRP”.

The bank, deleted a tweet where it first stated that it is planning to use XRP for cross-border transaction. When questioned, it said it did because it is not planning to use XRP any moment.

Ripple's XRP SCB Thailand

Note that SCB is using Ripple for cross-border remittance, just like prominent banks across the world are pitching behind the blockchain remittance technology offered by the San Francisco firm. In fact, SCB was the first financial institution to make use of RippleNet’s “multi-hop” feature.

Philippine’s SendFriend is Launching this Month

While Siam Bank rejected the usage of Ripple’s XRP, Philippine’s SendFriend has said it is launching by the end of the month. There is high expectation that the launch of SendFriend will increase XRP liquidity in Philippines since the payment application makes use of xRapid, a cross-border remittance tool that makes use of XRP.

Early this year, SendFriend announced it is using Ripple’s blockchain technology for cross-border payment. The announcement came shortly after the firm sealed a deal with Ripple Inc.

The partnership was centered on offering cheaper and seamless cross-border payment with the use of Ripple’s xRapid.

As Ripple keeps partnering with different financial institutions across the globe, the firm is as well increasing the usage of XRP by introducing its xRapid network to them.

Now, Ripple has announced that any financial institution making use of RippleNet has the advantage to use xRapid since the technology is included in the network.

Addendum: In a fresh reply to an XRP enthusiast, SCB said it is using Ripple’s xRapid from JPY to THB.

SCB Ripple's XRP

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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Oliver Green

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