Ripple Expands in Korea With Kbank Custody Deal

• Ripple partners with South Korea’s Kbank to advance its blockchain-based enterprise solutions.
• Kbank adopts Ripple Custody to offer bank-grade wallet infrastructure.

Ripple has partnered with Kbank, Korea’s first and leading internet-only bank. Kbank will adopt Ripple Custody, a product allowing institutions to expand digital asset services without risking security.

Kbank will gain a bank-grade wallet infrastructure to deploy a secure, flexible, and scalable institutional digital asset wallet on its regulated banking environment. Fiona Murray, Ripple’s Managing Director, Asia Pacific, stated:

Ripple Custody lets institutions skip the long and costly process of building a digital assets custody infrastructure. Instead, they can focus on growing and not experimenting. The platform has bank-level security, flexibility that lets them customize it, and a single control that lets you tokenize, trade, stake, and more.

Ripple Makes Strides in Korea

Kbank has identified the immense potential of building the infrastructure that supports the future of digital finance. Specifically, the bank is eyeing a rapid expansion of its stablecoin-based remittance capabilities.

Choi Woo-hyung, CEO of Kbank, stated:

This announcement comes just days after Ripple confirmed a strategic partnership with Korea’s largest and most established life insurer, Kyobo Life Insurance. Similarly, the life insurance company adopted the Ripple Custody, allowing it to tokenize government bond transactions.

Jin Ho Park from Kyobo Life Insurance stated:

Historically, Korea has been at the forefront of technological adoption. Ripple is building the infrastructure required to push the country to the next technological step.

Korea’s neighbour, Japan, is also looking to dominate the new frontier. As ETHNews reported, Rakuten Wallet users in Japan can now convert Rakuten Points into XRP and trade the token inside the app.

XRP Eyes Price Breakout

As Ripple continues to expand its reach, XRP holders expect that their efforts will be reflected in the XRP price. At the time of writing, XRP is trading at $1.37 following a 1.5% drop in the past 24 hours. This sees the coin extend its weekly losses to 4%.

XRP spot ETFs are also showing strong performance. On April 29th, they recorded $3.59 million in net inflows.

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