The South Korean cryptocurrency market has pushed Ripple's price up by 71% in recent years 24 hours, triggered by the Ripple blockchain. Payment based test conducted by Japanese and South Korean banks.
South Korea accounts for 50% of ripple transactions
Bithumb, Korbit and Coinone, three of the largest cryptocurrency exchanges in the South Korean cryptocurrency market, currently account for more than 50% of Ripple's global transactions. In the past 24 hours, the three trading platforms handled more than $ 1.7 billion worth of transactions, surpassing the combined daily trading volume of Bittrex, Poloniex, Bitfinex, Bitstamp, Binance and Kraken.
In South Korea, investors tend to move quickly by word of mouth. Once more people are invested, everyone rushes to invest in that particular asset, as Korbit co-founder and CEO Tony Lyu repeatedly pointed out.
When a large cryptocurrency like Ripple starts to skyrocket on the South Korean market, from 10 to 30%, other investors in the market are struggling to invest, causing a short-term rise in price and daily trading volume.
Cryptocurrencies highly concentrated on the South Korean market such as Ethereum, Bitcoin Cash, Ripple and Monero tend to increase by high margins and decline rapidly at times, due to the aforementioned trend of the South Korean market and investors to move quickly depending on the market trend.
Cause of the surge in demand from the South Korean market
Earlier today, December 13, Japan 's leading media outlet Nikkei announced that major Japanese and South Korean banks were preparing to test the Ripple blockchain and its solutions on Friday. The goal of this joint project is to reduce by almost 30% the cost of the international transfer of funds.
Since the beginning of 2017, Ripple Labs has made significant progress in helping major banks and financial institutions adopt the Ripple Block Chain technology. Japan-based banks, in particular, quickly adopted Ripple's technology, forming a consortium of 61 companies.
In July, Marcus Treacher, Global Head of Strategic Accounts at Ripple, said:
"We congratulate these Japanese banks for taking a giant step forward for their clients.This is a fine example of a convergence of regional banks into a global network of payments in real time for the greater good. "
Ripple Labs and its partner banks in Japan and South Korea plan to continue testing Ripple technologies in the long term and to implement the Ripple blockchain on a larger scale by 2018.
According to Nikkei, Japanese banks have already developed Ripple-based systems to process global payments on its blockchain network. Cross-border payments between South Korean and Japanese banks will begin on Jan. 31, if pilot testing is done successfully in December.
As announced in September, SBI Ripple Asia announced for the first time its foray into instant international blockchain payments to South Korean banks.
"South Korea is one of the most active markets in the world for blockchain innovation and digital asset trading, with trade flows reaching $ 960 billion. every year, we also see growing demand for Ripple's friction-free payment solution in the country, "said Takashi Okita, managing director of SBI Ripple Asia.
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