Ripple convinces one of the largest Asian banks

As the hecatomb continues on the cryptocurrency market, it’s important to keep your cool and stay focused on the future. In the cryptocurrency sector, Ripple (XRP) serves as an example of governance with a clear project and a well-articulated strategy. The recent entry of one of Southeast Asia’s largest banks into RippleNet once again confirms the seriousness of the Ripple project.

CIMB Group, an Asian giant

We briefly touched on it last week when we told you about Ripple’s incursion into China via AMEX. CIMB Group has now joined the RippleNet and is a big name in the financial sector of Southeast Asia that Ripple took in his web.

Of Malaysian origin, CIMB Group is the fifth largest bank in Southeast Asia in terms of assets. Its turnover in 2017 was around 3.7 billion euros. By comparison, Crédit Agricole, another member of the RippleNet, posted an overall income of 32 billion euros in the same year.

CIMB Group CEO Tengku Dato ‘Sri Zafrul Aziz commented on the partnership with Ripple: “This innovative blockchain solution will revolutionize cross-border money transfers. ”

As a first step, this partnership aims to use Ripple technology to improve the SpeedSend product developed by CIMB Group. Thanks to the SpeedSend solution, customers of the bank can send payments instantly between the different countries where CIMB is present but also to other territories such as Hong Kong or Australia.

The territorial presence of RippleNet

It is difficult to represent RippleNet in its entirety. Some participants are not known to the general public because of confidentiality agreements. Nevertheless, Ripple’s global presence is proven. Although some members of the network use Ripple only marginally, the existence of a solid RippleNet offers many opportunities for Ripple.

True, the XRP digital currency does not intervene at all levels of Ripple technology, but it may prove essential in the long run. Should we remind that RippleLabs still has control over more than 50% of XRP chips? The rigorous and organized management of Ripple, previously considered a weakness compared to Stellar (XLM) or others like Bitcoin Cash (BCH) and Litecoin (LTC), today allows to face a turbulent market.

XRP course spared?

To say that the course of the Ripple does not suffer from the gloomy environment would go a little faster. Nevertheless, the XRP token has taken second place in the market ahead of Ethereum (ETH) and seems somewhat spared compared to Bitcoin (BTC) as well. On November 20, while the price of Bitcoin posted a loss of 25% over a week and qu’Ethereum tumbled more than 30% over the same period, the price of the Ripple meanwhile lost “only” 12.5% of its value. A very slight consolation certainly but the informed investor will be patient and not panic.

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