- Asia Bank in Bangladesh has announced its adaptation of RippleNet for financial network services.
- The LinkedIn profile of the Bank shows the integration of the institution’s system with Ripple’s cross border transaction named xCurrent.
- The Bank Asia claims to have managed nearly 52 million Bangladeshi currency, over $609 million in USD.
Globally amidst the adaptation of cryptocurrency and blockchain technology, Asia Bank in Bangladesh has announced its adaptation of RippleNet for financial network services. This new partnership came into light when a twitter handle observed the Bank Asia logo on RippleNet documentation.
However, it is acclaimed that the partnership is over a month old, given the date stamp on the documentation. Bank Asia’s logo presided among other companies falling under the category of RippleNet Users alongside Santander, American Express, MoneyGram, Standard Chartered, SABB, and SBI group.
The LinkedIn profile of the Bank also shows the integration of the institution’s system with Ripple’s cross border transaction named xCurrent. The statement under the profile says that the Bank forms a network over multiple banks through RippleNet with a Blockchain-based network providing real-time remittance transfers.
According to Bank Asia’s website, it was founded in 1999, and has over 2,256 employees, near to 128 branches and close to 3,186 agent outlets. The Bank’s total money and assets are worth nearly 289 billion Bangladeshi currency (TAKAS), equivalent to over $3.4 billion recorded on the 31st of December 2017.
The Bank Asia also claims to have managed nearly 52 million Bangladeshi currency, over $609 million in USD.
As per the report by Cointelegraph yesterday, the National Bank of Egypt has also signed a cooperation agreement with Ripple to create new channels for inward remittances.
Previously in this month, Ripple also formed a new partnership with remittances firm International Money Express to integrate cross-border payments between the United States and Mexico region.
RippleNet is a series network of institutional payment providers supported on Blockchain of Ripple, which includes services such as money transactions, business services, and a nontime constraining transfer of money globally. RippleNet is developed based on Ripple’s ecosystem and has been widely used in many sectors.