Confusion Sparks Over XRP Use
Siam Commercial Bank (SCB), Thailand’s largest commercial bank, has recently found itself in a bit of a pickle regarding its potential use of Ripple’s XRP token. On June 7, the bank firmly announced through a tweet that it has no plans to implement XRP, contradicting an earlier indication that it might.
A Tweet That Went Belly Up
Everything started on June 5, when a curious user asked SCB on Twitter about their stance on XRP. The bank’s official handle hinted at upcoming details regarding an “XRP system.” However, this tantalizing morsel was quickly swept away as the tweet was deleted shortly after. It’s almost like teasing a dog with a treat and then taking it away!
“We are so sorry for the previous information of the previous post. As of now we have no plan on using XRP.”
The Ripple Effect
Though SCB seems to be backpedaling on its involvement with XRP, their history with blockchain initiatives is quite the opposite. In April, SCB collaborated with PTT Exploration and Production for a successful test of blockchain tech in cross-border business-to-business payments. However, they didn’t specify whether Ripple technology was utilized.
RippleNet: The Backstory
For those not fully versed in the blockchain world, SCB has been no stranger to RippleNet. This payment network enables transactions for affiliated institutions, and back in September 2018, SCB was at the forefront of pioneering RippleNet’s multi-hop feature. This nifty tool allowed SCB to settle payments on behalf of other entities on the network, making it quite the innovator in the crypto-financial space.
Conclusion: What’s Next for SCB?
As the dust settles on this latest social media blunder, SCB seems poised to focus on its blockchain endeavors without the inclusion of XRP. Will we see a truly unique initiative come out of SCB? Or will they continue to dabble in the ever-evolving world of fintech, leaving the XRP discussions for another day? Only time will tell!
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