Ripple (XRP) says that it has shown up on the South Korean blockchain scene. It has signed agreements, in its wake with various new companies in the country.
The American company has signed agreements with Sentbe, Hanpass and WireBarley, three South Korean companies that deal with abroad settlement arrangements and solutions.
Emi Yoshikawa, Ripple’s Senior Director of Global Operations, stated,
“South Korea is a country that is well-recognized for its fintech innovation, and Ripple is committed to building up its customer base. We are happy to see Ripple join in with the innovation because we have been watching how fast South Korean fintech companies have grown.”
Sentbe, which is joining Ripple’s RippleNet system on the ecosystem, at present gives settlement administrations to various Asian countries, including Japan, China, the Philippines, Indonesia and Vietnam.
Before this new agreement, Ripple has had a presence in South Korea. In 2018, Ripple hit a deal with the Blockchain Security Research Center at the Graduate School of the renowned Seoul-based Korea University. The move was part of Ripple’s University Blockchain Research Initiative. According to news reports, the exact size of the investment was not disclosed.
The RippleLabs created company additionally has a prominent residential partner in the telecoms industry, giant SK, which recently expressed it was prepared to make a big appearance blockchain-controlled donations platforms made utilizing Ripple technology.
The giant SK and Ripple platform is named ChainZ, and utilizes the Ripple blockchain to organize, just as a Korean won-pinned Stablecoin named the Social Value Coin (SVC) for gifts, with the Social Value Power (SVP) utility token passed out to benefactors as a prize.
The organization has recently expressed that givers will get 1 SVP token for each 1,000 SVC tokens they give on the Ripple Platform.
The company has been cooperating with NGOs to boost donation and gifts drives, focusing on education, hunger and support for single mothers in the country.
Notwithstanding, the new move will probably give the organization a key decent footing in the business part, where various intensely funded new companies are beginning to make their quality felt in the serious South Korean blockchain market.