Ripple Inc. is hard at marketing and busy cementing their position in one of the densest parts of the world: the Asia Pacific, and specifically South Korea.
With RippleNet their ultimate plan and On Demand Liquidity (ODL) close to their chest, the project’s leaders have zeroed in on South Korea and have consequently announced three new partners in Sentbe, Hanpass and WireBarley.
Ripple Inc.’s Grand Plan
It is no doubt the Brad Garlinghouse and team are ambitious.
Their goal is not to dislodge systems but to bring to the masses a cheaper alternative. A new web for sending value that leverages distributed ledger technology, faster and cheaply.
Although few are yet to make the switch as regulatory uncertainty and other obstacles as the unwillingness of financial institutions to make the final switch, more banks continue to connect to RippleNet.
Distinctively, RippleNet is a suite of solutions that includes ODL–previously xRapid. There is no integration of XRP, the native currency of the XRPL.
Ripple the company has more than 350 customers, more than 2 dozen of which are using #XRP
— 👑 XRP fan🤴-XRP & VeChain & CSC (@Murraywolf2) February 8, 2020
Nonetheless, the system remains secure with an extra level of security and encryption.
XRP for building alliances in APAC
The announcement came as no surprise.
Earlier, Ripple Inc. had paused programmatic selling of XRP to institutions. Instead, they urged these would-be buyers to focus their buying in the open market at a time when the XRP community were complaining of price dumps.
Periodically, Ripple Inc. used to dispose their XRP to finance their operations through XPring, their official investment wing.
They have since reduced XRP selling and are now focused on building partners and alliances in the SE Asia of which south Korea is a prominent feature.
Commenting on this development, Emi Yoshikawa who is the Sr. Director of Global Operations said:
“South Korea is a hotbed of fintech innovation, and we’re committed to grow our customer base and presence. Since the Korean government started licensing payment providers for remittance in 2017, we have witnessed how Korean payment providers dramatically improved payments experience for their customers, and we are pleased to be part of their on-going efforts.”
Ripple building capacity at their Singapore Office
In April 2019 Ripple Inc. said it was doubling the number of employees at their Singapore office in a bid to boost customer service.
Meanwhile, its partner TransferGo plans to expand to SE Asia, Africa, and Latin America.