Overview
- K bank has formed a strategic partnership with Ripple to test blockchain-based cross-border transfers, now in a second proof-of-concept phase using Ripple’s Palisade wallet in a virtual environment.
- The current phase links test customer accounts to internal banking systems to check on-chain transfer stability on routes that include the United Arab Emirates and Thailand.
- An earlier phase validated an app-based flow with K bank’s in-house wallet to confirm that users could initiate transfers through a wallet interface tied to blockchain settlement.
- K bank’s position as the sole banking partner of crypto exchange Upbit and its growth to about 15 million customers give the trial outsized weight for Korea’s retail money flows.
- No live service is set, though local reports say strong results could lead to production remittances, which could cut costs and wait times for people sending money abroad if regulators approve.