San Francisco based blockchain company Ripple has secured another major banking partner in Asia this week. ASEAN’s fifth largest bank, CIMB Group, as announced that it will join RippleNet in order to utilize the firm’s cross border transfer products. Its XRP token meanwhile has held on to second spot over Ethereum.
The move will allow the bank to grow its global payments network by joining those already in the Ripple network. According to the announcement CIMB is one of the first banks in Asia to leverage blockchain technology. In a region where micro-payments and remittances drive the bulk of banking transactions the need for more efficiency and cost reduction has never been greater.