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South Korea’s internet-only K Bank, which is also a banking partner for Upbit, has announced a strategic partnership with Ripple. On 27 April, the bank said it will run a proof of concept (PoC) for a blockchain-based international money transfer system using Ripple’s network.
The agreement was reported to have been closed between K Bank CEO Choi Woo-hyung and Ripple Asia Pacific (APAC) Head Fiona Murray. Under the plan, K Bank aims to expand cooperation in the digital asset space while improving speed, fees and transparency in international remittances.
Technical verification is required to realize the benefits. The first verification round has been completed, and the second verification round is ongoing. In the second stage, K Bank and Ripple will link users’ accounts and internal systems to enable balanced remittances. K Bank said the first round’s analysis of a separate app-based remittance structure makes the second round look promising.
If completed, the second verification would allow users to transfer funds via a blockchain network to countries including Thailand and the United Arab Emirates (UAE).
K Bank said it plans to continue technical verification for applications such as overseas remittances in preparation for future stablecoin regulation.
The bank also said the work will be implemented using Ripple’s global SaaS-based digital wallet, Palisade. Palisade includes Hardware Security Modules (HSMs) and additional security features, which K Bank said support regulatory alignment.
The partnership was also framed as part of South Korea moving forward on the Digital Asset Basic Act 2025, described as a comprehensive set of rules for digital assets in Korea. The development follows plans by the Financial Services Commission (FSC) to lift the 2017 ban, under which—beyond retail activity—firms and professional investors can invest in crypto.
These developments have acted as a catalyst for crypto users in South Korea. Tiger Research’s latest report indicated that by the end of 2025, verified users reached 11.33 million, a new all-time high.
At the time of the announcement, XRP traded around $1.41, down about 0.95% over 24 hours, a move attributed to broader market weakness. Upbit’s trading volume was about $1.4 billion, down 19.1% over the last 24 hours, with XRP ranking fourth.
In summary, K Bank’s partnership with Ripple centers on using Palisade to support regulatory compliance as it advances technical verification for blockchain-based remittances. The report also notes that XRP’s price movement at the time appeared consistent with wider market conditions rather than reflecting a direct surge tied to the partnership announcement.
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