Ripple has signed a partnership agreement with GME Remittance, a Korean money transfer company. According to a blog post, GME joined Ripple's blockchain network RippleNet to conduct money transfers via Siam Commercial Bank (SCB) to Thailand.
Ripple says GME Remittance is looking to connect with existing RippleNet customers to expand into "additional remittance corridors across the region and globally, including Europe and the US."
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"We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks," said Subash Chandra Poudel, Director and COO at GME Remittance.
While the Gwangju-based money transfer provider has no plans to utilize XRP in its business, the token's price has risen sharply by 18%. As of the time of writing, XRP is trading at the $0.91 mark while market capitalization is over $45.3 billion.
The partnership comes as the US Securities and Exchange Commission (SEC) asked a federal court to provide it with access to Ripple employees' correspondence on the messaging service Slack. The regulator claims the company's employees communicated on Slack as frequently as they did via e-mail.
The messages — according to the SEC — include information about Ripple's desire to "create speculative trading of XRP," the company's concerns regarding the price of XRP, the impact of the token sales on its business and the regulatory status of the token itself.
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