Ripple (XRP) dethrones Ethereum (ETH): RippleNet signs ASEAN bank, CIMB Group

The battle between Ripple and Ethereum for the second position in the market is in its full swing. Ethereum has been losing its position in the market, while Ripple continues to gain traction. The massacre in the market, likely to have been fueled by Bitcoin Cash hard fork scheduled to take place later today.

Ripple price was able to control the drop in the market and weathered it considerably well in comparison to Ethereum (ETH). Unlike, Bitcoin, which plunged to annual lows, Ripple defended the support at $0.440. According to the data on CoinMarketCap, Ripple is now the second largest crypto project with a market capitalization of $18.58 billion. Ethereum comes in close at the second position with a market cap of $18.51. It is only a matter of time before Ripple claims this position permanently especially with expansion it is getting for its cross-border and financial payment systems.

RippleNet signs ASEAN 5^th largest bank

CIMB Group a notable player among the ASEAN countries that currently controls over $125 billion in assets, is reported to have joined Ripple’s rapidly expanding RippleNet payment system. The partnership comes to boost the banks own blockchain system called SpendSend. RippleNet will enable CIMB to achieve instant payments in collaboration with the more than one hundred RippleNet signed customers. The bank hopes to leverage the growing global international remittance which is expected to grow by an additional $20 trillion come 2026.

“We are delighted to be part of RippleNet and look forward to a fruitful partnership with Ripple by leveraging each other’s strengths and capabilities. This innovative blockchain solution will revolutionize international cross-border remittances, and is a testament to CIMB’s ongoing efforts to enhance its digital banking proposition by providing speedy and cost-efficient solutions to our customers across ASEAN,” said Tengku Dato’ Sri Zafrul Aziz, the chief executive officer of CIMB Group.

In addition, the CEO of the San Francisco-based blockchain firm, Brad Garlinghouse commented:

“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience.” He continued, “With its focus on innovation, CIMB will continue to be a dominant force in the region for years to come.”

More on Ripple news:

1. Crypto carnage: Ripple (XRP) nosedives past $0.5

2. Ripple price analysis: XRP/USD settled above $0.4100, where are the buyers?