Ripple advanced its push into traditional finance on Aug. 18, announcing a South Korean banking partnership and a $275 million capital raise for its prime brokerage business on the same day.
Jeonbuk Bank became the first regional lender in South Korea to deploy Ripple Payments for cross-border business transfers, according to Ripple. The bank will use the service to replace SWIFT-based correspondent-bank transfers, which can take days to reach recipients.
Hours later, Ripple Prime closed an upsized $275 million private placement of senior unsecured notes. The company said the proceeds will support its expanding US business.
