Thailand’s Siam Commercial Bank (SCB) Backtracks On Intentions To Use Ripple (XRP)
Thailand’s Largest Bank Backtracks On Plan To Use Ripple XRP
- One of Thailand's largest financial institution decides not to move forward with plans to integrate XRP into its line of products.
- American fintech Ripple Labs' suite of financial products have, however, been adopted by several other leading institutions.
Thailand’s biggest commercial bank Siam Commercial Bank, recently announced via a tweet that the financial institution will no longer be using Ripple XRP and offered its apology to any inconvenience the earlier information might have caused.
The crypto world was agog on June 5 when the bank announced through its official Twitter handle that its teaming customers should be on the look-out as the bank will soon announce its association with XRP.
The firm swiftly deleted its June 5 tweet, which reads:
‘’ XRP System will be announced soon.
Please follow our official schedule on Social media again.’’
To further buttress their point and affirm its stance, the bank added another tweet, which reads:
‘’ We are sorry for the previous information of the previous post. As of now, we have no plan on using XRP.’’
Although the bank is conflicting itself on its cryptocurrency stance, it is however not a stranger when it comes to virtual currency. In April, the Thai commercial bank and the state oil company PTT Exploration and Production Public Company Limited ran a very successful test of blockchain’s use for cross-border business-business payments.
The bank at the time did not openly associate itself with the XRP, but indications and feelers from the crypto community state that the bank is a part of the RippleNet payment network.
Ripple And The Rumour Mill
The Ripple network is enjoying a fruitful 2019, with virtually every sector of the economy wanting to associate itself with the cryptocurrency firm. Bitcoin Exchange Guide reported in June that the rumor mill on social media indicated that Ripple is about to acquire Moneygram.
The news was first spread by a twitter handle @CryptHawk, who maintained that the San Francisco-based firm has acquired Moneygram in order to deal with Walmart. However, analysts and social media commentators discarded the news as fake news, when the handle failed to disclose its source of information.
However, neither Ripple nor MoneyGram has either denied nor confirmed the news, fueling the speculation that the news is nothing but an instrument of fake news. Although, both firms collaborated in January 2018, to improve cross- border payments. MoneyGram also agreed to pilot XRP in their payment flows and work with the xVia product.
The news was well received by most people because they have been waiting for it for a very long time. But the only recognized XRP supporter Bank XRP said that there was nothing official on the matter but that all the community has been waiting for it to happen.
The cryptocurrency community is gradually gaining worldwide support from the traditional financial institutions. At inception, most of the traditional financial platforms did not give crypto any chance, claiming that it cannot last the test of time.