Mitsubishi Corporation, Standard Chartered and the Bank of Ayudhya are set to join forces and test a Ripple payment method dubbed xCurrent.
On its website, Ripple announced the “pilot test” would be taking place between Singapore and Thailand in an effort to demonstrate the cryptocurrency’s functionality and payment speed.
It stated: “With production volume growing on RippleNet at an exponential rate, this pilot is further marked as a unique milestone by the inclusion of Mitsubishi Corporation.
“Like many of their Fortune 500 peers, Mitsubishi Corporation’s is pursuing faster, more transparent and traceable solutions for global liquidity management.”
Ripple insisted the effort will “demonstrate commercial viability” of the virtual money and could boost prices if the operation is successful and boosts investor confidence.
Both Mitsubishi Corporation and Standard Chartered are household names that could generate a boost for XRP.
The company went on: “The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks.
“As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well.
“These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.
“As a result, like much of the consumer market that has turned to fintech companies for cross-border remittances, a growing base of enterprises are turning to fintech providers to address their global payment needs.
“To maintain a competitive edge, many financial institutions have begun to adopt new technology like Ripple’s blockchain-powered solutions.”
The Bank of Ayudhya is a Thailand subsidiary of the Bank of Tokyo-Mitsubishi in Japan – it is the largest in the Asian nation.
Ripple’s latest move could be part of an attempt to boost prices.
The cryptocurrency is trading at $0.67 at the time of writing – its values have been caught in a tumultuous trading period recently with cryptocurrencies being highly volatile forms of money.
In the last week Ripple has slumped from highs of $0.81.
Back in January the virtual money reached whopping highs of $3.56 before slumping in an incredible fashion.
Ripple has struggled to reach staggering values since its huge boom at the start of the year.