Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has hinted that it will use Ripple’s XRP token, saying that users “will have to wait for further announcements.” The bank published a blog post earlier week detailing the application of blockchain technology in various industries.
We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.
— SCB Thailand (@scb_thailand) May 22, 2019
The bank, the oldest in the country, in April conducted a cross-border payments trial using Ripple’s technology, reducing transaction times from 2 days to just 1 minute. Should SCB further involve themselves with Ripple, it would be a great boost for Ripple, which has making tremendous progress with securing partners and expanding its network.
Ripple is quickly becoming a go-to network for banks to begin using DLTs to speed up their systems and reduce costs. CEO Brad Garlinghouse recently likened Ripple to SWIFT 2.0, and reportedly made a positive impression on attendees at the Swiss National Bank Conference.
Several banks, both central and private, have been mulling over the use of Distributed Ledger Technologies (DLTs), with some even considering launching their own Central Bank Digital Currencies (CBDC).