Ripple-backed InstaReM, the cross-border payments company, has been making headlines consistently. Just a couple of months back, its CEO Prajit Nanu had announced plans of advancing financial inclusion by improving remittance methods. InstaReM had also recently closed a Series C funding round which raised $41 million, which saw support from the likes of Beacon Venture Capital and Vertex ventures. Now, the remittance provider is joining hands with the Thailand-based Kasikornbank (KBank), to provide cross-border payments to clients of KBank.
The development, first reported by FintechNews, was welcomed by many in the community. CEO Prajit Nanu commented on the collaboration, stating,
“We are delighted to be working together with KBank to power their outward remittances. This relationship further cements InstaReM’s position as a leading provider for cross–border transactions. With InstaReM, KBank clients will be able to realize faster turnarounds, while providing certainty on delivery times and payout amounts.”
The report added that InstaReM already provides remittance services to Southeast Asia’s top three banks and financial institutions. Ripple has been helping out InstaReM to overcome hurdles in transactions such as liquidity and eliminating the pre-funding factor. This has enabled speedy transactions without increasing the overall transaction volume. As InstaReM expands its services, Ripple might benefit from the overall growth of RippleNet.
This partnership was confirmed by XRP Research Center in a tweet,
May 23, 2019.@InstaReMit, a digital cross–border money transfer company (#RippleNet member), has announced that it will now power cross–border payments for the clients of KASIKORNBANK (KBank), one of Thailand’s leading banking group.
— XRP Research Center (@XrpCenter) May 23, 2019
InstaReM is a Singapore-based cross-border payments provider and its services cover more than 35 countries across the world. The remittance provider is quite well established in most Asian countries such as India, Malaysia, Philippines, Vietnam and Australia.
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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