Overview
- A partnership announced Monday between KBank and Ripple moves their cross-border remittance proof of concept into a formal phase-two trial.
- The second phase runs in a virtual setting that links KBank accounts to Ripple’s Palisade wallet and tests on-chain stability in routes to the United Arab Emirates and Thailand.
- On-chain remittances move money across a blockchain in minutes with one network fee, unlike SWIFT transfers that pass through several banks and add time and charges.
- This remains a technical trial, with any customer launch hinging on results and South Korea’s Digital Asset Basic Act now being finalized.
- KBank’s tie-up with Upbit and a 15 million-strong customer base could give a successful service rapid reach once rules are set.