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Ripple signs South Korea bank deal as Ripple Prime raises $275M
Jeonbuk Bank will use Ripple Payments for near real-time cross-border settlement, replacing slower SWIFT-based correspondent transfers, while Ripple Prime closed an upsized $275 million note placement to back its US expansion.
Ripple has expanded its push into traditional finance with a new South Korea banking deal and a separate institutional-funding move, CryptoSlate reports. On Aug. 18, Ripple said Jeonbuk Bank became the first regional lender in South Korea to deploy Ripple Payments for cross-border business transfers.
Ripple Payments will be used to provide near real-time, around-the-clock settlement for customers including import-export companies, technology startups, and online content creators. Ripple said transfers can complete in seconds to minutes, compared with cross-border correspondent-bank transactions that can take longer to reach recipients, and that the bank can settle using fiat currencies or stablecoins through a single integration.
The announcements also come as Ripple Prime, formerly Hidden Road, closed an upsized $275 million private placement of senior unsecured notes to support Ripple’s expanding US business. CryptoSlate reported the prime brokerage raised the funding hours after the Jeonbuk announcement.
Ripple said the Jeonbuk agreement follows other partnerships in South Korea, including efforts by Kyobo Life Insurance to explore on-chain settlement of South Korean government bonds and Kbank’s deployment of wallet infrastructure via Ripple Custody. Ripple also said its payments platform has processed more than $100 billion across more than 60 markets.