3rd-Biggest Thai Bank Teases Tantalizing News for Ripple (XRP) Bulls
Will Ripple (XRP) soon be in use at one of Thailand’s largest banks? One tweet gave the bulls plenty of reasons to believe it will. | Source: Shutterstock
SCB Thailand Taps Ripple for Blockchain Payments
Already, SCB Thailand launched a blockchain platform that uses the Ripple company’s xCurrent system to facilitate cheaper cross-border money transfers.
Now, the Thai financial institution also hinted that there would be a further announcement about SCB using XRP directly via the xRapid payment system.
We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.
— SCB Thailand (@scb_thailand) May 22, 2019
Major Thai Bank Could Integrate Ripple Cryptocurrency
Last week, a sharp-sighted Twitter user spotted an update to the bank’s SCB Easy app in the App Store stating that users are now able to send funds abroad “at the cheapest rates via Ripple.”
SCB transfers via Ripple. And with that we have mainstream adoption in Thailand. pic.twitter.com/n9QRt5Uq7X
— ₿ryan (@_bjb) May 18, 2019
On May 22, the bank confirmed that they are using blockchain technology for payment transactions via Ripple, but not with the XRP cryptocurrency – yet.
This information suggests that the SCB is currently using Ripple’s xCurrent payment system that facilitates quick, low-cost cross-border transactions for its users.
The xCurrent product serves as an alternative to SWIFT where money transfers are conducted in fiat.