Investors and developers in Thailand are closely monitoring one of the country’s oldest and largest banks, Siam Commercial Bank (SCB), in its initiative to start offering overseas transfers using blockchain, providing significantly lower fees and transaction times.
Then, in May 2019, SCB confirmed via Twitter that it is using blockchain technology for payment transactions via Ripple, but not its XRP token. The bank revealed that it is using Ripple’s xCurrent payment system to offer low-cost, speedy international transactions for users. xCurrent is an alternative to SWIFT — a system where money transfers are made with fiat currency.
XRP investors are keeping a close watch in case SCB makes the switch to xRapid instead of xCurrent. With xRapid, XRP tokens are utilized to make overseas transfers cheaper for enterprise-scale users.
If the SCB decides to use cryptocurrency in its international transfers, it would send a strong positive signal to XRP investors.
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