Upbit partner KBank to test onchain cross-border remittances with Ripple

South Korean internet-only bank KBank, a partner of Upbit, has entered a strategic partnership with Ripple to conduct a proof-of-concept (PoC) aimed at enhancing cross-border remittance services. The collaboration will leverage Ripple's blockchain infrastructure and global network to assess improvements in speed, cost, and transparency. KBank and Ripple have already completed the initial phase, verifying a wallet app-based remittance system, and are currently testing the stability of onchain remittances in a virtual environment, including transfers to the UAE and Thailand. KBank is utilizing Ripple's Palisade wallet app for this phase. This partnership could potentially extend to KBank's live remittance system and other digital asset initiatives, aligning with South Korea's upcoming Digital Asset Basic Act and a broader trend of partnerships between Korean financial institutions and blockchain companies.

(Source：The Block)