Despite Ripple XRP’s current poor form, Ripple have recently secured a new and exciting partnership in South Korea, which further enhances Ripples ever expanding portfolio. As a company, Ripple really have two distinct directions, their blockchain technologies, xVia, xRapid and xCurrent and also their cryptocurrency, XRP.
In the pursuit of harmony, future Ripple blockchain partnerships may very well integrate XRP as a payment option, however at the moment, for big partners such as Santander, their relationship is purely based upon the technology to hand. However, these partnerships do make good tracks towards a great future in terms of XRP adoption.
At the time of writing, Ripple XRP is valued at $0.782 and is down 5.09%. XRP is slipping dangerously into the $0.70 boundary, with recent hopes that it would reach $1.00 soon, very much extinguished.
Given the current law suit facing Ripple however, we should expect a decline of this nature.
The big partnership announcement from Ripple, brings South Korean cryptocurrency exchange Coinone to the fore. Coinone will now be using Ripple’s xCurrent to facilitate cross border payments.
According to the official Ripple press release:
“Coinone Transfer — a payments business and a subsidiary of Coinone — has joined RippleNet to use xCurrent, Ripple’s leading blockchain solution for cross-border payments and settlement. Coinone is a leader in the digital asset industry in Korea. As one of the largest exchanges in the country, it handles over $97 million in transactions per day. The company also understands that underlying blockchain technology has further applications, particularly for cross-border payments.”
— Ripple (@Ripple) May 9, 2018
This is big news for Ripple and should be seen as a very big step in the right direction for the team. Moreover, this partnership has huge advantages for the Coinone team given that now, the exchange can really branch out into the provision of other payments, such as cross border payments. xCurrent provides a format for fast payment facilitation at a low cost, meaning that also, Coinone’s customer base can also benefit greatly from this.
We should also consider that in South Korea, cryptocurrency regulation is a hot topic, so, by getting in early and ensuring a safe and secure method for cross border payments, both Ripple and Coinone have set up adequate defences which could come in handy, should South Korea come down on cryptocurrencies hard. Although, this does seem unlikely, with the country more likely to adopt a similar approach to Japan.
Over all, this is just another chapter in Ripples story. Hopefully this announcement will help XRP take a quick rebound and relieve itself of some of the damage seemingly being taken at the moment, although any direct impact this will have on XRP will be limited. This is part of a long game, eventually xCurrent integration will help move the markets, for now at least, Ripple can sit back and relax, knowing they have yet another, huge partner on board and with them for the long run.