The largest commercial bank in Thailand, Siam Commercial Bank (SCB) – which recently disclosed its interest in the different applications of blockchain technology has stated that it will be partnering with Ripple for the deployment of blockchain solutions.
The bank, which is also the oldest in Thailand, may also have insinuated that Ripple’s XRP, the third largest cryptocurrency by market cap, might also be used. However, according to the tweet, the public would have to wait a bit for further official announcements.
The bank was asked whether or not it will be using XRP for transfers but the official handle declined given a definite answer.
According to Siam Commercial Bank:
“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”
SCB’s Interest In Blockchain and Crypto
Earlier this year, SCB tested Ripple’s network, using it to make cross-border payments. The test was very successful as it increased the speed of the transaction from the usual 48 hours all the way down to 1 minute. Based on the tremendous success of this test, we can assume that this was the beginning of an official partnership between SCB and Ripple.
At the time Ripple disclosed its new “multi-hop” feature, stating that SCB will pioneer it. On Ripple’s official blog, it said:
“Siam Commercial Bank (SCB) will be the first financial institution on RippleNet to pioneer a key feature called “multi-hop”, which allows them to settle frictionless payments on behalf of other financial institutions on the network. This eliminates the need for a direct one-to-one connection (or bilateral relationship) between financial institutions to settle a payment”.
Ripple has been doing a lot regarding adoption, constantly putting in the effort to make sure more institutions employ blockchain solutions to their daily businesses. This has not only helped adoption in general but also expanded Ripple’s own network.
Ripple currently has more than 200 partners in different parts of the world using its network, especially xRapid, for various transactions and cross-border payments.