XRP Maintains a Comfortable Lead Over ETH
XRP is leading ETH by a comfortable lead of around 2.5 billion USD in terms of total market capitalization according to CoinMarketCap.
The rise of the cryptocurrency has been a slow but steady one. There have been a lot of collaborations and partnerships which its parent company, Ripple, has made as a result of which the cryptocurrency has strengthened enough to beat Ethereum (ETH) to become the biggest altcoin in the crypto industry in terms of market cap.
Recently, Ripple announced its partnership with CIMB Group in an official blog. Talking about the company:
“CIMB is one of the region’s first banks to leverage blockchain technology for speedy and cost-efficient international payments. In a region where these payments have historically been both slow and inefficient, bringing better services has never been more important.”
To give the readers an idea about the current market, the team said:
“The World Bank projects that this year alone remittances to Southeast Asia will grow to $120 billion. Additional data from The Boston Consulting Group (BCG) suggests that the size of global market for cross-border payments volume is $27 trillion, and another $20 trillion could be up for grabs between 2018-2026. Approximately 39% of this remittance market is centered in the ASEAN region.”
Talking about SpeedSend:
“Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”
About the collaboration, the CEO of CIMB Group, Tengku Dato’ Sri Zafrul Aziz, said:
“We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities. This innovative blockchain solution will revolutionize international cross-border remittances, and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN.”
Brad Garlinghouse, the CEO of Ripple said:
“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience. CIMB’s network already spans 15 countries, nearly 800 branches and offers Speedsend — one of the best solutions in the ASEAN region. Now, by integrating Ripple’s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently. With its focus on innovation, CIMB will continue to be a dominant force in the region for years to come.”
The company also entered into a collaboration with Siam Commercial Bank. SCB’s Chief Technology Officer & Head of Operations, Colin Dinn, explained the four-step approach the collaboration started with:
“1. Understand the technology – Before implementing the new technology, SCB needed to take a deep dive with Ripple to understand how it could best address the bank’s remittance challenge.
2. Design the business model – This involved scoping out how SCB would alter its approach and required design elements, briefing senior management and securing final approvals. Dinn shared that this was a longer, more rigorous step than the previous and was completed in roughly six months.
3. Prove the capability – In July, SCB launched its new retail product in partnership with SBI Remit for the Japan-Thailand remittance corridor. Knowing this would require regulatory approval, SCB launched the product live in a sandbox with their regulator, the Central Bank of Thailand. With early success, SCB is now adding more retail partners and designing the criteria with the Central Bank that will enable it to move the product out of the sandbox.
4. Build a sustainable business – After demonstrating business value and future promise in the sandbox, the SCB team is building a framework around it to create a sustainable business unit. The focus for the team is how to build and scale this approach effectively.”