Ripple partnered with Jeonbuk Bank for its first Ripple Payments deployment in South Korea and secured $275 million through a private placement of senior notes. Wall Street firms, including Jane Street Group, disclosed XRP ETF exposure. Despite these developments, XRP fell below $1.00 for the first time in nearly two years. Network activity increased, with daily active addresses topping 35,500 and whales accumulating 72 million tokens in 24 hours.
Ripple collaborated with Jeonbuk Bank to begin the first deployment of Ripple Payments in South Korea, enabling faster cross-border remittances. The partnership aims to expedite international transfers for businesses and reduce delays associated with traditional banking methods.
“With this partnership with Ripple, JB Jeonbuk Bank is ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards,” commented Jeonbuk Bank’s President, Park Choon-won. The company’s recent activities in South Korea include another collaboration with Kyobo Life Insurance and KBank to enhance digital finance and blockchain integration.
Ripple has secured $275 million through a private placement of senior unsecured notes issued by Ripple Prime. A diverse base of institutional investors participated in the fundraiser, as stated by the company.
Recent SEC filings showed that a growing number of Wall Street behemoths gained exposure to XRP through spot exchange-traded funds. Jane Street Group leads with more than 1.2 million shares, while other notable names include Bank of America, Morgan Stanley, and Wolverine Asset Management. The XRP ETFs ended the previous business week in the green but attracted only over $2 million. Net inflows reached $5.81 million on August 19, the highest for the month.
Ripple’s partnership and expansion news have failed to boost the underlying asset. XRP consistently lost value, dipping below $1.00 for the first time in nearly two years, and has been unable to reclaim that level decisively.
Network activity has picked up pace, with daily active addresses topping 35,500 in August. The number of whales holding at least a million XRP increased by 32 in three months, and these large participants accumulated 72 million tokens in 24 hours. Analysts continue with contradictory predictions about the asset’s future price performance.
