Bank Asia Limited of Bangladesh, a Ripple Member
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Bank Asia Limited of Bangladesh, a Ripple Member

February 13, 2020      Zain Raza

A report confirming the total number of Ripple’s cross-border solution, RippleNet has said that the commercial Bank in Bangladesh, utilizing Ripple’s blockchain technology is now among the world’s top banks.

Ripple made a revealing statement that the blockchain company is helping people to connect with top financial institutions, and its customers have gone beyond 300. The official confirmation came via a document shared by Ripple.

The commercial bank, Bank Asia Limited with assets worth around $4 trillion has made the list of over 300 RippleNet bank who now do  immaculate transactions by the use of RippleNet.

Bank Asia Limited, with its headquarters in Dhaka, was founded in 1999 after it received its certificate of incorporation in September of that year. It’s a public limited commercial bank, third-generation in Bangladesh. It became a scheduled commercial bank under the banking act of 1991, in the private sector.

Mr Khandaker Mujahidul Islam, a member of Bank Asia since 2013. In March 2018,  he started working on implementing Bank Asia’s Core Banking System with Ripple’s xCurrent system. The primary purpose of the project was to connect the bank into the Ripple Network. Connecting banks and MSBs. Blockchain-based remittance network, with real-time transfers, would be the ultimate aim of the project. However, the ambition has been met or not is still unknown at the time of writing.

Ripple Increases Its Reach

Ripple, has expanded its horizon, especially after the newly launched On-Demand liquidity product, and it keeps on welcoming new members on board almost every week.

The company keeps on increasing its reach in South Asia, a few days back, in order to offer remittance service in Thailand and Japan partnered with SBI remit. Southeastern Asia InstaReM, joined Ripple to utilize its RippleNet solution.

An announcement in November declared that it has gone beyond the 300 marks. Ripple mostly is transparent in mentioning the names of its customers, but in some cases, they act suspicious leading to controversy.

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#Bank Asia Limited #Blockchain News #Crypto News #Ripple #RippleNet
Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.