.png){kind=logo}
Ripple has partnered with South Korea’s Jeonbuk Bank to deploy Ripple Payments for international transfers. The agreement makes Jeonbuk Bank the country’s first regional bank to adopt the platform. The project targets faster cross-border payments for businesses, while financial terms, launch timing, supported markets, and XRP use remain undisclosed.
Jeonbuk Bank plans to use Ripple Payments to improve its international payment system. The bank wants to reduce delays and complexity that often affect traditional cross-border transfers. Under the planned service, transfers that can take several days through older systems could settle within seconds or minutes. The service will also operate around the clock, including weekends and holidays.
The system will mainly serve businesses that need faster international transfers. Target users include import-export companies, IT startups and digital content creators that regularly move money across borders.
Ripple Asia Pacific Managing Director Fiona Murray said the agreement reflects growing institutional momentum for Ripple across South Korea. Jeonbuk Bank President Park Choon-won said the partnership supports the bank’s digital finance ambitions.
Ripple and Jeonbuk Bank have not disclosed financial terms for the partnership. They also have not said when customers will gain access to the new international payment service.
The announcement did not confirm whether transfers will use XRP, Ripple’s RLUSD stablecoin or direct fiat-to-fiat settlement. It also omitted the fee structure and countries covered by the service.
Ripple’s payment infrastructure already supports South Korean won through local clearing rails. Its documentation lists KRW support for business-to-business transfers of up to $2 million per transaction, depending on the use case. The unanswered issue is therefore central for crypto markets: will Jeonbuk Bank use XRP within the payment flow, or will Ripple Payments operate without the token?
The Jeonbuk Bank agreement follows two other Ripple partnerships in South Korea this year. On April 15, Kyobo Life Insurance partnered with Ripple to explore blockchain-based government bond settlement. Then, on April 27, Ripple partnered with Kbank, South Korea’s first internet-only bank. That agreement focused on institutional Wallet as a Service through Ripple Custody.
Meanwhile, crypto analyst Ali Martinez reported a 280% increase in XRP Ledger transactions worth more than $1 million within 24 hours. The total reportedly climbed above 38 large transactions. Martinez described the activity as renewed whale participation. Yet transaction counts alone cannot show whether large holders bought, sold or simply moved XRP between wallets.
Large transfers can include exchange deposits, withdrawals, internal movements and custody reorganizations. XRP also remained below $1 during the increase, limiting evidence that the transfers reflected buying alone.
Separate CryptoQuant data showed whale transfers to Binance at their lowest level since 2021. The three-month average reportedly fell to about $61 million, which can reduce potential selling pressure without proving stronger demand.
Ripple’s Jeonbuk Bank deal extends Ripple Payments into South Korea’s regional banking sector while adding another institutional partnership in the country. However, XRP use, fees, supported countries and launch timing remain undisclosed. Further details will determine how Jeonbuk Bank structures its new cross-border payment service.
Also Read: XRP vs Stablecoins: Can Ripple’s Token Compete in Global Payments?
