Bank Asia, which is based in Bangladesh, entered the RippleNet system by Ripple Labs which operates by blockchain technology. The partnership of Bank Asia and Ripple Labs has been discovered only recently. This happened after a crypto Tweeter user drew attention to the fact that in an official document by Ripple Labs that was released on February 10, 2020, a logo of Bank Asia had appeared. At the same time, this new partnership must have been established at least a month before the document was released as it had been published in December of last year.
The logo of Bank Asia was present on a part of the document that demonstrated some of the users of the RippleNet system by the company. The other companies presented on the page were American Express, Santander, MoneyGram, Standart Chartered, SBI Group, Send Friend as well as SABB. On the Bank Asia LinkedIn profile page, there was a statement saying that the bank is working on the integration of the system of the bank and Ripple’s global payment solution since Spring 2018. The bank has an aim to join the network by Ripple through which numerous banks and other financial institutions are also interlinked. The main goal is to participate in a blockchain-based system that allows institutions to take part in quick international transactions.
Bank Asia, based on their web page, was established in 1999 and currently has over 2,200 employees as well as more than 100 bank branches. Bank Asia was worth almost 290 billion BDT (Bangladeshi Taka), which is the same as 3.4 billion USD by 2017.
Ripple Labs is increasing its influence over not only the cryptocurrency community but also the global financial system overall. Recently, Ripple also stepped into a partnership with the National Bank of Egypt. In order to learn more information on Ripple & XRP price shifts, check out Ripple Price updates as well as Ripple (XRP) Price Predictions.