Bank Asia Has Joined RippleNet Blockchain-based Financial Se...
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Bank Asia Has Joined RippleNet Blockchain-based Financial Services Network

A bank based in Bangladesh known as Bank Asia is now part of RippleNet’s blockchain-based financial services network.

However, it seems the bank joined the network more than a month ago but it was just discovered in recent times. Someone known as crypto_narcist on Twitter noted the bank’s logo in an official Ripple document on February 10. 

Ripple released the document in Dec. 2019 and it contains the bank’s logo on the page with examples of RippleNet users. Apart from Bank Asia, others include Santander, American Express, MoneyGram, Send Friend, Standard Chartered, SABB and SBI Group.

A look at the profile of Khandaker Mujahidul Islam (Bank Asia’s head of foreign remittances) on LinkedIn reveals that he has been working towards the integration of the bank’s system with cross border transaction solution (xCurrent) of Ripple since Mar. 2018.

Bank Asia’s website states that it was established in 1999, has 2,256 workers, 128 branches as well as 3,186 agent outlets. The value of its aggregated assets is close to 289 billion Bangladeshi takas (more than $3.4 billion) as of the last day of 2017. As of the last day in 2017, Bank Asia claims to have managed over $609 million.

However, Ripple is yet to comment on whether Bank Asia is expected to use XRP in any way.  Ripple’s financial infrastructure continues to grow. Reports have it that the National Bank of Egypt has agreed with Ripple towards the establishment of new channels for inward remittances.

Also, a few days ago, Ripple became a partner with remittances company International Money Express to enhance cross-border payments between the U.S. and Mexico.

Featured Image Courtesy of Shutterstock

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Born in Bucharest, Marius is the founder of Crypto Adventure and Co-founder of Crypto Press. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.

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