Siam Commercial Bank [SCB] withdraws its comments on utilizing Ripple’s XRP

Siam Commercial Bank [SCB], Thailand’s biggest business bank, has denied its intentions to begin utilizing Ripple’s XRP token, despite giving prior signs through official tweet. 

The bank denied any kind of future plans to incorporate XRP. This was opposite to the official statement made few days back over the official Twitter handle of the bank where it replied to one of the users indicating the integration of XRP in future.

With the earlier tweet erased, SCB expressed,

“We are so sorry for the previous information of the previous post. As of now we have no plans on using XRP.” 

SCB had previously incorporated the blockchain technology to enhance the financial activities. Even after the conflicting remark made the bank officially, the bank was already accounted to be a major member of the RippleNet installment network. 

With the advent of better technological reforms in the crypto space, many financial institutions have started to boost their plans of shifting entirely over the blockchain technology in the future. Along with a significant advantage, financial institutions can expand their businesses globally, to cater to their global audience as the cryptocurrencies are riding the bulls.