Ripple expands into Asia via South Korean payment company

A South Korean payments company responsible for billions of dollars’ worth of transactions has announced a partnership with a key Ripple ally. 

Moneygram, a financial services company, has partnered with Sentbe, a South Korean payment startup that, among other companies, services the regional operator of Samsung, the titanic telecommunications company.  

Cross-border payments startup Ripple—whose native cryptocurrency, XRP, enjoyed a three percent hike overnight—last month saw its services integrated into Moneygram as part of a “strategic partnership.” With Moneygram now expanding into South Korea, that could deepen Ripple’s own influence. 

The Moneygram/Sentbe intersection will supposedly establish Sentbe as Moneygram’s “first virtual agent” in South Korea. It’s unclear exactly what a “virtual agent” is, but it appears to be the digital equivalent of a high street branch, a la Western Union. We have reached out to Moneygram for further clarification. 

Last month Ripple committed $50 million in capital to Moneygram—in exchange for equity—as part of a deal that would see Moneygram use Ripple’s services to “instantly settle funds from US dollars to destination currencies on a 24/7 basis.”