O XRP token price soared reaching US$ 1.04, right after the ripple announce that South Korean money transfer company, Global Money Express Co. Ltd (GME Remittance), has joined RippleNet.
RippleNet, according to the Ripple website, provides “connections to hundreds of financial institutions around the world through a single API and makes the movement of money faster, cheaper and more reliable” and leverages the token XRP to obtain liquidity during international transactions through its Liquidity On Demand Service (ODL).
Using the service, GME Remittance has connected Thailand’s largest bank in terms of market capital, Siam Commercial Bank (SCB), the announcement details. The company’s director and COO, Subash Chandra Poudel, was quoted as saying:
We chose Ripple as our partner because RippleNet allows us to launch in new countries with new partners in just 1-2 weeks. This significantly reduced our time to market and gives us an advantage over our competitors.
According to an XRP market report, published by Ripple earlier this month, the cryptocurrency’s daily trading volume doubled to $4.49 billion a day on average, up from the $2.26 billion recorded during the first three months of year.