Upbit partner KBank to Test Ripple-Based Cross-Border Remittances

BlockBeats News, April 27th, Upbit's partner KBank announced on Monday that it has established a strategic partnership with Ripple. The two parties will collaborate to conduct a Proof of Concept (PoC) to assess the potential improvements of cross-border transfers in terms of speed, cost, and transparency. The PoC plan will be based on Ripple's blockchain infrastructure and its global network.

Currently, KBank and Ripple have completed the first phase of the PoC, validating a wallet application-based remittance system in this phase. In the ongoing second phase, the two parties will test the stability of on-chain remittances in a virtual environment, including conducting transfer tests to countries such as the United Arab Emirates and Thailand.